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SBI Card Launches ‘SimplySAVE Merchant SBI Card’ To Provide MSMEs With Short-Term Credit

 

SBI Card, India’s largest pure-play credit card issuer, has introduced the ‘SimplySAVE Merchant SBI Card‘, a specialized credit card tailored for micro, small, and medium enterprises (MSMEs). This new card is designed to address the short-term credit needs of MSME merchants while providing them with a range of exclusive benefits. The official unveiling of the SimplySAVE Merchant SBI Card took place at the Global Fintech Fest in Mumbai, with Mr. Dinesh Khara, Chairman of State Bank of India, doing the honors.

Facilitating MSME Growth with the SimplySAVE Merchant SBI Card

The launch of the SimplySAVE Merchant SBI Card serves to empower the broader MSME sector by offering them interest-free short-term credit. Considering the significant role played by MSMEs in fostering economic growth and job creation, it becomes imperative to streamline their access to formal credit in a more convenient and prompt fashion.

Key Features of SimplySAVE Merchant SBI Card

The SimplySAVE Merchant SBI Card offers several key features and benefits tailored to meet the unique needs of MSMEs:

1. Short-term Credit

This card provides MSME merchants with access to interest-free short-term credit, helping them manage their cash flow effectively.

2. RuPay Network

The card operates on the RuPay network, offering wider acceptance and accessibility across various merchant outlets and online platforms.

3. UPI Integration

Cardholders can link their SimplySAVE Merchant SBI Card to the Unified Payments Interface (UPI), enabling them to make payments through various UPI-enabled third-party apps. This integration enhances the card’s versatility and ease of use.

4. Exclusive Benefits

Cardholders can enjoy exclusive benefits, which may include rewards, discounts, and special offers designed to support MSME businesses.

5. Financial Flexibility

The card provides financial flexibility to MSMEs, allowing them to make necessary purchases and payments without the immediate burden of high-interest charges.

By extending interest-free short-term credit and offering a range of exclusive benefits, ‘SimplySAVE Merchant SBI Card‘ aims to empower and support MSME entrepreneurs in India, contributing to their growth and success in the dynamic business landscape.

Overview of SBI Cards and Its Payment Services

SBI Cards and Payment Services, a subsidiary of SBI, operates as a non-banking financial institution that provides a wide range of credit card options to both individual customers and corporate clients. These options encompass lifestyle, rewards, travel & fuel, as well as banking partnership cards, in addition to corporate cards. As of the first quarter of the current fiscal year, the company reported a cardholder base exceeding 17 million.

Key takeaways for competitive examinations

  • MD & CEO of SBI Card: Mr. Abhijit Chakravorty

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