SBI brings debit card-less money transfer

SBI launched a system which will allow account holders to transfer money at its ATMs using their mobile phone number.

NEW DELHI: Offering convenient banking to the emerging younger generation, State Bank of India on Tuesday launched a payment system at its ATMs which will allow the account holders to transfer money using their mobile phone number as identifier.

This instant money transfer (IMT) payment system will enable a payment of up to R10,000 from any SBI bank account and the recipient of this payment can withdraw funds instantly from an IMT-enabled ATM without using a debit card, the top lender said in a statement.

“Using the IMT, the SBI Group will be able to offer a unique payment option to our customers and expand our reach to those sections of the population who are either unbanked or do not have access to banking,” the bank said. The IMT is a unique payment system launched by Eempays Payment Systems facilitating account to mobile phone money transfer without the beneficiary a bank account.