ICICI Bank has introduced a cardless cash withdrawal service that will allow customers to transfer money from their account to anyone in India with a mobile number. The recipient will be able to withdraw the money from any of ICICI Bank’s ATMs across India without a debit card, and even if he/she doesn’t have an account with ICICI or any other bank. How it works? To use this service, ICICI Bank savings account customers (the sender) have to log into their internet banking account and register the recipient’s name, mobile number and address. The sender will be provided with a four digit verification code while the recipient will receive a six digit reference code through SMS. The recipient will be able to withdraw the money by entering the registered mobile number, cash amount along with the verification and reference codes. The codes will be valid for two days after the initial transaction and the recipient needs to withdraw the money within that period. Interestingly, ICICI Bank customer’s can also use this service to withdraw money from their accounts without having to use a debit card. Not the first It’s worth noting that earlier this year Bank of India had introduced a card-less cash withdrawal service which allowed users to withdraw money from its ATMs without having a bank account. The service called Instant Money Transfer (IMT) allowed any BOI customer to send money to any user by using the receiver’s mobile number and a sender code via a text message…
