India’s largest private sector bank, ICICI, has introduced ‘Cardless Cash Withdrawal’, a service that allows users to withdraw money at any time from 10,000 ICICI ATMs around the country without a debit card, and even without a bank account.
The service allows ICICI customers to transfer money from their account to anyone in India with a mobile phone number. Those sending the money must have a ICICI Bank savings account and online banking. The sender needs to register the recipient’s name, mobile number and address. The sender will get a four digit verification code while the recipient a six digit reference code, over SMS. The recipient can withdraw cash from almost all ICICI Bank ATMs by entering their mobile number, cash amount and the verification and reference code. They have two days from the date of the transaction to do so. The bank’s customers can also withdraw money from their own accounts without a debit card.
ICICI has been using digital technology to enhance customer experience over all channels. The Bank recently launched a slew of digital services such as 24×7 Touch Banking branches, Tab Banking, ‘Pockets by ICICI Bank’ – the world’s most comprehensive banking application on Facebook; and a redesigned website that offers a seamless experience across desktops, mobiles and tablets.
“We foresee tremendous growth potential in the usage of electronic payments in our country,” said Rajiv Sabharwal, Executive Director at ICICI. “Cardless Cash Withdrawal’ provides an added facility in an array of electronic payment options that ICICI Bank offers to its customers. This innovative service will further empower our customers as well as their families and friends by giving access to instant money even without having a bank account or a debit card.”
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