India’s private sector bank ICICI Bank has introduced a new ‘Cardless Cash Withdrawal’ service that allows its customers to transfer money from their account to anyone in India with a mobile number.
Go deeper with GlobalData
The bank said that the recipient can withdraw money round the clock without using a debit card from more than 10,000 ATMs of ICICI Bank across the country. The recipient can do this even without having a bank account of any bank.
Commenting on the launch of the service, Rajiv Sabharwal, executive director of ICICI Bank, said: "We foresee tremendous growth potential in the usage of electronic payments in our country. ‘Cardless Cash Withdrawal’ provides an added facility in an array of electronic payment options that ICICI Bank offers to its customers.
"This innovative service will further empower our customers as well as their families and friends by giving access to instant money even without having a bank account or a debit card."
The new facility can be initiated by any ICICI Bank savings account customer (sender) by logging into ICICI Bank’s internet banking website. The sender first needs to register the recipient’s name, mobile number and address. The sender will get a four digit verification code while the recipient a six digit reference code, over SMS.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe recipient can withdraw cash from almost all ICICI Bank ATMs by entering 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.
"This initiative underscores the bank’s ongoing strategy to leverage on technology to enhance customer experience across banking channels. The bank has recently launched a slew of innovative services such as 24×7 Touch Banking branches, Tab Banking, ‘Pockets by ICICI Bank’ – and a redesigned website that offers a seamless experience across devices such as desktops, mobiles and tablets," the bank said in a statement.
