SBI launches debit card-less instant money transfer facility

SBI launches debit card-less instant money transfer facility

State Bank of India on Tuesday announced the launch of the instant money transfer (IMT) payment system on its ATMs in India.

IMT enables a payment of up to Rs 10,000 to be made from any SBI bank account to a person using just his/her mobile number as the identifier. The recipient of this payment can withdraw funds instantly from an IMT-enabled ATM of SBI without using a debit card.

IMT is a unique payment system launched in India by Empays Payment Systems. IMT enables a payment to be made to a mobile phone from a bank account.

There is no requirement for the beneficiary to have a bank account. The receiver can obtain the funds immediately from any IMT-enabled ATM.
DH News Service

It is authorised by the Reserve Bank of India under the Payments and Settlements Act 2007.

Using IMT, the State Bank group will be able to offer a unique payment option to its customer base and expand its reach to those sections of the population who are either unbanked or do not have access to their bank accounts. Additionally, it offers a new form of convenience payment to the emerging younger generation, as SBI seeks to address them through new options, SBI said.

IMT will bring a revolution in the payment system of the banking industry where remittances can be withdrawn at SBI ATMs without having a debit card. This facility will be more useful for the migrant population who are regularly sending the money to their native places. IMT will also eliminate the middle men who are charging commission for remittances, SBI added.

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