What is mCASH? SBI to discontinue service from Dec 1

The State Bank of India has announced that it will discontinue its mCASH (Sending & Claiming) facility from December 1 onwards.

In a message posted on its official website, SBI warned that the mCASH facility would no longer be available to OnlineSBI or YONO Lite users after November 30, urging them to use "alternate modes of transfer such as UPI, IMPS, NEFT, or RTGS".

According to SBI, the mCASH facility is being discontinued as it was outdated (which presented digital security concerns).

United Payments Interface (UPI) is the closest alternative to mCASH, while the Immediate Payment Service (IMPS) method is quick, but involves a few more steps than a UPI transaction. 

National Electronic Funds Transfer (NEFT) is an IMPS-like method used for non-urgent transactions, while Real-Time Gross Settlement (RTGS) is a method used for high-value transactions.

How it works

SBI's mCASH is a fund transfer service that enables OnlineSBI and YONO Lite members to transfer money to a third party without registering them as a beneficiary—using just the mobile number or email ID of the receiver.

At the other end, the receiver—whose account need not necessarily be an SBI account—could claim the funds either through SBI's mCASH app or an mCASH link from OnlineSBI.

Based on the medium chosen by the sender (either SMS or email), the receiver will receive this mCASH link and an eight-digit passcode.

The beneficiary will have to enter their account number, IFSC, the passcode, and their mobile number/email ID here. After the transaction has been validated, the "real-time" funds would be transferred.

The State Bank of India's mCASH app had two options: 'Claim' and 'Favourites'. While 'Claim' was for receivers to claim their money, the 'Favourites' option was for senders to store account numbers and IFSC details for up to five accounts.

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