State Bank of India recently launched mcash which is a simple and quick way to claim funds sent by SBI customers through Internet banking or State Bank Anywhere mobile application based on just mobile number or email id.
Now, SBI customers can transfer money to anyone without knowing their Bank account details irrespective of whether the recipient banks with SBI or not.
A nominal charge of Rs 2.50 per transaction has been made applicable for each transaction.
Steps to use mcash
To Transfer money
- Sing into onlinesbi or state bank anywhere
- Go to statebank mCash Link
- Enter Beneficiary Mobile Number or E mail Id and Amount
- Sender needs to know recipient's mobile no or email ID.
Top receive money
The recipient will receive a link in the SMS or email based on the medium chosen by the sender.
An 8 digit passcode will be provided in the communication which is required to be used on the State Bank mCASH link available on pre-login of Online SBI or State Bank mCASH mobile App (Android Platform) to claim the funds.
Beneficiary is required to enter
- Account Number,
- IFSC Number
- Mobile number or Email address.
After entering require details funds are transferred "Real time" via fund transfer functionality or IMPS facility for interbank transfers.