SBI has announced the permanent closure of the mCash transfer and claim facility on OnlineSBI and YONO Lite after November 30, 2025. This means that you will no longer be able to send or claim funds through the mCash link or app without registering a beneficiary. Learn about the safe and secure digital options available to you for instant fund transfers, such as UPI, IMPS, NEFT, and RTGS.
SBI Bans mCash
The State Bank of India (SBI) has issued an important message on its official website stating that the mCash facility will no longer be available after November 30. mCash was a unique service that offered SBI customers the unique convenience of transferring funds through internet banking without registering a beneficiary, simply by using the recipient’s mobile number or email ID.
Any account holder of any bank could claim this amount through a secure link and an 8-digit passcode sent to the recipient. This facility was a boon for those who wanted to send money quickly and avoid the complicated process of adding a beneficiary. But now the bank has urged customers to use other digital payment options, prioritizing security and convenience.
4 Best Alternatives for Instant Fund Transfer
SBI has made it clear to customers that after the discontinuation of mCash, they will have to use other secure and reliable digital payment options to transfer funds to third-party beneficiaries. These options offer faster speeds and higher security:
First, there’s UPI (Unified Payments Interface), which facilitates instant, 24/7 fund transfers and is the easiest and fastest method.
The second option is IMPS (Immediate Payment Service), an instant payment system that allows funds up to ₹5 lakh to be transferred in seconds.
The third option is NEFT (National Electronic Fund Transfer), the national electronic fund transfer system. It transfers funds in batches and is secure and has low fees.
Finally, there’s RTGS (Real Time Gross Settlement), which is used for instant transfers of large amounts (over ₹2 lakh). These four options make up the most powerful means of instant payment after mCash.
How to Send Money Using UPI
UPI (Unified Payments Interface) is the easiest and most popular option for mCash customers. SBI’s UPI app, BHIM SBI Pay, is a great solution that offers convenience to account holders of all UPI partner banks.
Fund Transfer Process via BHIM SBI Pay
First, log in to the BHIM SBI Pay app and select the ‘Pay’ option.
Then, choose a payment option from VPA, Account & IFSC, or QR Code.
Enter the required details and the amount to be transferred. Next, select the debit account and authorize the transaction by entering the UPI PIN.
This process saves you the complexity of beneficiary registration (especially in the case of VPA) and becomes the most powerful medium of instant payment.