The India’s largest public sector bank, State Bank of India has launched a payment system at its ATMs which will allow the account holders to transfer the money by using the mobile phone number as an identifier. As this payment facility system works on instant money transfer (IMT) platform. It will enable a payment of up to Rs 10,000 from any SBI bank account and the recipient of this payment can withdraw funds instantly from an IMT-enabled ATM without using a debit card.
The IMT is a unique payment system launched by Eempays Payment Systems Pvt Ltd. The facility enables a payment to be made to a mobile phone from a bank account without the beneficiary having a bank account. So by using IMT, the SBI Group will be able to offer a unique payment option to its customers and expand its reach to those sections of the population who are either unbanked or do not have access to banking. Additionally, it offers a new form of convenience payment to the emerging younger generation as SBI seeks to address them through new options.
So let’s discuss some questions related to this post:
1. Name the bank which has launched Debit Card-Less Instant Money Transfer Facility recently?
2. The Instant money transfer (IMT) platform is a payment system facility launched by which company?
Courtesy: Economic Times