SBI mCash: Big news for SBI customers. The last month of the year, December, has begun, and it also marks the beginning of several major changes. These will impact everyone. Country’s largest public sector bank, SBI, has closed one of its services (SBI mCASH). The month of December is special for certain tasks, as their deadlines are expired from november month.
As per reports, Country’s largest bank SBI has also implemented some changes from 1st December and under this it has closed its mCash service (SBI mCASH Service Close). SBI customers using this service will not be able to claim payments through mCASH link.
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The bank has also informed its customers in this regard and advised them to use secure options like UPI, IMPS, NEFT and RTGS. Let us tell you that SBI mCash was the instant money transfer service of State Bank, through which money could be sent only on mobile number without entering account number and IFSC.
What is mCASH ?
mCASH is an older instant money transfer service from SBI. It didn’t need beneficiaries to sign up before sending money. You could send cash to anyone just by entering their mobile number or email address. There was a fee of ₹2.50 for each transaction. Funds could be taken out from any bank account. When you sent money, the recipient got a link via SMS or email, and SBI provided an 8-digit passcode. The recipient used this passcode to claim the money on the mCASH page.
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Why is mCASH being discontinued ?
SBI mentioned two main reasons for shutting down this service. With the rise of UPI, nearly everyone is using it for quick and small transactions. The older mCASH technology is now seen as slower and less effective compared to modern systems like UPI and IMPS.