The State Bank of India (SBI) will be shutting down its mobile wallet Buddy on 30 November 2018, according to its official website. The bank has already started closing down wallet accounts with nil balances.
SBI had launched the mobile wallet Buddy in August 2015, in 13 different languages in collaboration with MasterCard, as the service provider and, Accenture as the technology partner. Towards the end of 2017, it launched an integrated digital platform called SBI YONO (You Only Need One), a smartphone app that allows users to not just complete financial transactions but shop online, make cab bookings and pay bills. It also allows users to open a digital account with SBI, avail pre-approved personal loan or get an overdraft facility against their FD.
The move to discontinue SBI Buddy was reportedly to remove duplication of its digital services over smartphones, now that it has SBI YONO.
SBI YONO had also been introduced into MyJio App to increase its customer base. It can also be noted that Mukesh Ambani-led Reliance Jio has also tied up with SBI for its soon to be launched Jio Payments Bank.
If you have an SBI account, note that the ATM withdrawal limit for the bank's customers will be lowered to Rs 20,000 from Rs 40,00 starting 31 October.