ICICI Launches Cardless Cash Transactions
Foreseeing tremendous growth potential in the use of electronic payments in the country, ICICI bank, taking a very innovative step in money transfer, introduced cardless cash transfer which allows customers to transfer money from their account to anyone in India with a mobile number. The recipient, even without a debit card can withdraw money from the many ICICI bank ATMs across the country. The 'Cardless Cash Withdrawal' facility can be initiated by any ICICI Bank savings account customer by logging into internet banking.
How ICICI’s Cashless ATM Transaction Works
The sender after registering the recipient’s name, mobile number and address, will get a four-digit verification code while the recipient receives a six digit reference code, over SMS. The recipient can withdraw cash from almost all ICICI Bank ATMs by entering the mobile number, cash amount along with the verification and reference code, within two days of the transaction. This service can also be used by the Bank’s account holders to withdraw cash from their own accounts without using a debit card.
SBI to Launch Card transactions without PINs
India’s biggest banking network, State Bank of India have received permissions from the RBI to launch contact-less debit cards which would enable customers to carry out transactions without entering a pin number. The SBI has requested the limit to be set at INR 2000 to make transactions such as buying a Metro or bus ticket, where the user can simply show the card and get in. Once this regulation is approved all of SBI cards will be NFC enabled for contact less transactions.
The bank is currently testing its NFC enabled cards in the Mumbai and Chennai metro stations.
SBI has also launched a multi-currency foreign travel card which would be available in dollar, pound, euro and the Singaporean dollar. A customer will have to pay one-time fee of Rs 100 to get the card and the minimum amount that can be loaded is USD 200.
The country that the user is settled in would be the base currency for this card and when there is no balance available in the account, the card switches to other buckets which hold the available balance.
SBI has currently authorized 100 branches across Mumbai, Delhi, Chennai and Bangalore to sell the card. The bank would later add other currencies such as Canadian dollar, Australian dollar, Japanese Yen and Saudi Riyal to this multi-currency card. The bank also proposes to make these cards contact-less in a month or so.
