The country’s largest bank, SBI, made an important announcement on November 30, 2025, that it is completely shutting down its mCASH service. From December 1, 2025, sending money using mCASH will no longer be possible on the OnlineSBI platform and the YONO Lite app. The bank has strongly advised account holders to use highly secure and modern digital payment methods such as UPI, IMPS, NEFT, or RTGS. Learn what the mCASH service was, why it was discontinued, and what the best options available to you are now.
Why SBI Discontinued the mCASH Service
The mCASH service was a facility offered by SBI that allowed you to send money to anyone using just a mobile number or email ID and an mPIN code. The recipient received a link or code, which they claimed through the app or link, after which the money was transferred directly to their bank account.
SBI has given a solid reason for discontinuing mCASH. According to the bank, mCASH had become an outdated and less secure medium. Today, advanced and secure digital payment methods like UPI, IMPS, NEFT, and RTGS are widely used in the country. All of these platforms are extremely fast, secure, and reliable. Therefore, to encourage customers to use modern digital payment platforms, the bank has completely phased out mCASH.
Which are the fastest and most secure methods
With the discontinuation of mCASH, customers will have to turn to modern digital methods for secure and convenient transactions.
UPI
The Unified Payments Interface (UPI) has become India’s fastest and most reliable digital payment platform. Its biggest advantage is that it does not require the beneficiary’s bank account number or IFSC code. You can send money instantly using just a mobile number or UPI ID. This platform is used everywhere, from roadside vendors to large hotels. You can use UPI through various channels, such as BHIM, Google Pay, PhonePe, or SBI’s own BHIM SBI Pay/YONO app.
IMPS
Immediate Payment Service (IMPS) is a fast banking service that allows you to send money instantly, day or night, weekend or holiday. It is especially useful in situations where you need to transfer money to someone’s account immediately, as the money is deducted from your account and credited to the beneficiary’s account instantly. SBI customers can easily use it through net banking or the YONO app. To complete the transaction, you need the beneficiary’s account number, bank name, IFSC code, and sometimes mobile number. This is why IMPS is considered the most reliable digital payment option for urgent needs.
NEFT and RTGS
NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement) are instruments primarily used for large-value transactions. Although they aren’t as fast as instant IMPS, they’re also completely secure and reliable. Fund transfers in NEFT happen in batches, while RTGS deals with real-time settlement of large amounts. Both options are available to SBI customers through online banking.