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ICICI Bank introduces cardless cash withdrawal service; Not the first


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 or its internet banking facility or its IMT enabled ATMs. Back in September 2010, Axis Bank had partnered Empays Payment Systems to introduce an almost identical service.

Also, earlier this week SBI had sought permission from the Indian banking regulator RBI to launch NFC-enabled debit cards, which would enable customers to carry out transactions of up to Rs 2000 without entering the ATM pin number at point-of-sale (PoS) terminals.

RBI initiative: In February 2014, RBI Governor Raghuram Rajan revealed that the banking regulator was working on a new system that would allow users to send money via SMS, which can then be withdrawn from any ATM, even if the recipient does not have a bank account.

ICICI’s other mobile and internet banking initiatives

– ICICI Bank had launched Pockets app on Facebook that allowed ICICI customers to carry out certain banking transactions on the social media site, last year in September. It allowed customers to split and track expenses and share them with friends on Facebook, make a payment to a friend, recharge prepaid mobile, book movie tickets, and carry out non-financial transactions like accessing a mini statement of savings bank account, order a cheque book, among others.

– It had also tied-up with Vodafone India to launch a mobile money transfer and payment service called M-Pesa in April 2013, five months after initially announcing the partnership. Aircel had also partnered with ICICI Bank to launch a mobile banking service called Mobile Money. And Tata Teleservices had signed a strategic tie-up with ICICI Bank, through its wholly owned subsidiary MMP Mobi Wallet Payment Systems to launch a money transfer service.

– The bank had also tied-up with Movida, the joint venture between Visa and UK based mobile payments solutions provider Monitise, to offer its customers a mobile payments service. ICICI customers could pay bills, top up prepaid airtime and buy movie tickets via USSD (only for GSM customers) through this service.

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