SBI launches debit card-less instant money transfer facility

Mumbai: State Bank on Tuesday launched a payment system at its ATMs which will allow the account holders transfer money using mobile phone number as identifier.

The system works on instant money transfer (IMT) platform.

The facility will enable a payment of up to Rs 10,000 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 statement said.

Additionally, it offers a new form of convenience payment to the emerging younger generation as SBI seeks to address them through new options.

The IMT is a unique payment system launched by Eempays Payment Systems. The facility enables a payment to be made to a mobile phone from a bank account without the beneficiary having a bank account.