Foreseeing tremendous growth potential in the use of electronic payments in the country, ICICI bank, taking a very innovative step in money transfer, introduced cardless cash transfer which allows customers to transfer money from their account to anyone in India with a mobile number.
The recipient, even without a debit card can withdraw money from the many ICICI bank ATMs across the country. The ‘Cardless Cash Withdrawal’ facility can be initiated by any ICICI Bank savings account customer by logging into internet banking.
How ICICI’s Cashless ATM Transaction Works
The sender after registering the recipient’s name, mobile number and address, will get a four-digit verification code while the recipient receives a six digit reference code, over SMS. The recipient can withdraw cash from almost all ICICI Bank ATMs by entering the mobile number, cash amount along with the verification and reference code, within two days of the transaction. This service can also be used by the Bank’s account holders to withdraw cash from their own accounts without using a debit card.
Detailed step-by-step procedure to initiate the process can be found on ICICI bank website.