SBI unveils MobiCash Easy

  State Bank of India (SBI) has unveiled its mobile wallet named State Bank MobiCash Easy which provides facilities such as fund transfer, bill payment, balance inquiry, mini statement, mobile top-ups and DTH recharge etc.

How does SBI’s MobiCash works?

SBI is carrying out this plan in collaboration with a private service provider Oxigen which will do round-the-clock money transfer and other services. To avail the facility one can contact Oxigen outlets by sending SMS to 9870888888. After registration one can deposit money at the outlets and get his account recharged. The sum of money one deposits with the bank will be akin to money in one’s account. Once it is done, this money can be used to send remittances to any bank account, transfer funds to other wallets issued by SBI, simply by messaging. At present, money withdrawal is not allowed, and the customer is not required to fulfil the KYC (know your customer) norm. The facility is available to both, SBI’s customers as well as non-customers. SBI customers have an additional option of topping up the wallet using SBI’s mobile banking service. The service is currently available in Mumbai and Delhi only.

The service is aimed at migrant labourers who send money back home from SBI branches, the youth and those seeking to pay bills. It will also address the requirement of financial inclusion as it facilitates to extend financial services to un-banked population through the omnipresent mobile phones.

Month: Current Affairs - January, 2013