The service will be available to existing as well as non-SBI customers.
The app was launched by Finance Minister Arun Jaitley along with Jayant Sinha, Minister of State for Finance and Hasmukh Adhia, Secretary, Department of Financial Services.
"This is one more step in our ambition of becoming the provider-of-choice for customers' everyday needs, both financial and non-financial. Mobile is going to be at the centre of this transformation and this application will help us strengthen our proposition through this medium," said SBI Chairwoman Arundhati Bhattacharya.
The mobile wallet app can be used to send money to new and registered customers, book for movies, flights, hotels as well as for shopping.
It also has features like reminders to settle dues, recharge and pay bills instantly.
The app is available on Google Play Store, at present, and soon will be launched on Apple App Store.
State Bank of India also launched SBI Foundation, which will be the implementing agency for corporate social responsibility (CSR) activities of the lender.
The Finance Minister unveiled the logo and website of SBI Foundation.
The foundation will promote, encourage, develop causes related to education, environment, women empowerment, children welfare and manage all the CSR activities of the SBI Group.
Jaitley also felicitated Huzaifa Khorakiwala, Executive Director and trustee of Wockhardt Foundation for his exemplary work in the area of sanitation and construction of toilets.
The bank also handed over a cheque of Rs 97.37 lakh for implementation of sanitation project in Sawai Madhopur, Rajasthan.
The Finance Minister also felicitated Ramji Ragahvan, founder chairman of Agastya International Foundation, which runs mobile hands-on science programme for economically disadvantaged children and teachers of rural areas.
A cheque of Rs 279.50 lakh was also given to Ragahvan for setting up 33 science centres in Maharashtra and funding seven imobile labs and eight Lab-on-a bike in Bihar, Odisha, Jharkhand and West Bengal.