State Bank of India has rolled out mobile wallet service MobiCash Easy on a pilot basis in Mumbai and Delhi.
Features of MobiCash Easy are as follows:
- Its a prepaid service which allows customers to transfer money to any bank account or to any wallet issued by State Bank of India, pay bills, recharge mobiles, and pay for digital TV and broadband connections.
- The customers can also check their balance and the last five transactions they conducted through their mobile wallet.
- Both SBI and non-SBI customers can make use of this service.
- The product does not require any Know-Your-Customer (KYC) compliance.
- Customers can register themselves for SBMC Easy at any of the Oxigen retail outlet.
- With this, SBI plans to tap the migrant population who send money home frequently.
- As per Reserve Bank of India guidelines, customers cannot withdraw money from their wallet once it is deposited.
- At any time, the balance in the mobile wallet is capped at Rs 10,000 a month.
- The customers cannot send more than Rs 5,000 in a single transaction to another mobile wallet issued by SBI.
- Three such transactions are allowed in a month.
- Facilities of mobile wallet can be got beyond the regular banking hours.
“Even though the product can be used by any segment of the population, it is designed in such a way that it can help immensely the migrant labourers who generally do not carry any document to meet KYC compliance but always have a need to send money home,” SBI said in a statement.
How to Register yourself for MobiCash Easy Service?
The registration process for State Bank MobiCash Easy (SBMC Easy) is very simple. For users having Android mobile phones, just send SMS to 9870888888 / 9971888888. For users having other mobile phones should send SMS to 9870888888 / 9971888888. It is not mandatory to have an account in State Bank of India to register for the State Bank MobiCash Easy.
Account holders of SBI can also activate the Mobi cash facility by visiting nearest SBI branch.O ne should have a valid mobile number of any operator, which should be registered in their relevant branch of State Bank of India . you have to submit application form along with your identity and address proof.