Standard Chartered Bank launches Cardless Cash Withdrawal initiative across India

Standard Chartered Bank, an international bank which has branches in India has announced that it has enhanced its Mobile Banking Solutions offering with the launch of a new service called Cardless Cash Withdrawal & Mobile Commerce.

As the name itself suggests, the Cardless Cash Withdrawal service will enable Standard Chartered customers to transfer cash instantly to anyone in located in India, irrespective of whether the recipient has a standard Chartered account or not.

However, this service can be availed only within the Standard Chartered network.

Murali M. Natrajan, Regional Head, Consumer Banking, India & Nepal, Standard Chartered Bank spoke about this initiative saying, “Cardless cash is yet another innovative industry first product from Standard Chartered Bank. We believe this facility will transform payments from P2P”. In the next few years new mechanisms could emerge in India which will take advantage of the potential benefits of combining and integrating ATMs, eKiosk, mobile and the internet”

Interestingly, Standard Chartered Bank happens to be the first bank in India as well as the first international bank in the world to provide this safe and secure service.

To avail of the Standard Chartered Cardless Cash Withdrawal service, customers will have to follow to easy steps:

The Standard Chartered customer makes a request at a Standard Chartered ATM to transfer the desired amount to the recipient’s mobile number, after which the customer will instantly receive an order number on a receipt dispensed at the ATM. Instantaneously, the recipient’s mobile number will receive an SMS with a pin number that will be required at the time of withdrawal. The sender will also have to send the order number that he has received in order for the recipient to successfully withdraw the money

The recipient will have to visit a Standard Chartered Bank ATM and enter the unique pin number, order number, mobile number and amount. On verification of these details by the Standard Chartered System, the cash is then dispensed to the recipient.

The only condition that must be fulfilled by the recipient is that he/she will have to withdraw the cash from the ATM within 24 hours of the request being placed and the money is debited from the Standard Chartered Bank customer’s account only when the cash is dispensed.

The second service launched by Standard Chartered Bank for its customers is called Mobile Commerce, which will allow them to pay for movie tickets, airline tickets and Internet shopping via their mobile phones.

CDK Sai Narain, Head Consumer Transaction Banking & Strategic Initiatives, Standard Chartered Bank, stated “Mobile as a channel offers a great opportunity for transaction convenience. We have over 300 million mobile connections and its penetration today is cross country and across various segments. We see this channel as a great opportunity and I am happy to say today, we have the entire product basket in this range – push based alerts, pull based query, mobile commerce and India’s first ‘Cardless Cash Withdrawal”.