Banking technology has gone a step ahead. Don’t worry if you need to make an online money transfer to a person who doesn’t have a bank account. ICICI Bank’s new ‘Cardless Cash Withdrawal’ system, makes it possible for you to send money to anyone. Transfer money to their mobile number!
An account holder can initiate a money transfer online by divulging only the mobile number and address of the beneficiary. A 6-digit code is sent to the beneficiary’s mobile number, who can then go to any of the ICICI Bank’s ATMs to withdraw money. The catch though is that the beneficiary has to withdraw the money within 2 days.
Though only ICICI Bank has started this innovative payment system, one can expect all the scheduled banks to start offering this service soon. These fund transfer mechanisms will go a long way in our country where bank account penetration is still low.
An account holder can initiate a money transfer online by divulging only the mobile number and address of the beneficiary. A 6-digit code is sent to the beneficiary’s mobile number, who can then go to any of the ICICI Bank’s ATMs to withdraw money. The catch though is that the beneficiary has to withdraw the money within 2 days.
Though only ICICI Bank has started this innovative payment system, one can expect all the scheduled banks to start offering this service soon. These fund transfer mechanisms will go a long way in our country where bank account penetration is still low.
You can read the full report here: http://articles.economictimes.indiatimes.com/2014-09-10/news/53770263_1_icici-bank-bank-account-cardless-cash-withdraw
0 comments: