SBI Issues Important Customer Alert
State Bank of India recently told its customers that the mCASH facility will be withdrawn after November 30, 2025. Sending and claiming of money under the mCASH facility shall not be available on either Online SBI or YONO Lite from December 1. Also, the facility to send money directly without adding any beneficiary or claim money via mCASH link will not be available.
What mCASH Was Used For
- mCASH provided an easy channel for the customer to transfer funds. It requires the addition of no beneficiary from the user's end. One can send money using only the recipient's mobile number or email ID.
- The eight-digit passcode was forwarded to the recipient through an SMS or a link from an email. The amount could be claimed through the said link or the SBI mCASH mobile app to any bank account.
Why the Change Matters
- SBI had earlier asked its customers to migrate to other digital payment modes as mCASH would no longer be available. These options would include UPI, IMPS, NEFT, and RTGS.
- It also points out that customers can easily make payments through the bank's UPI application, BHIM SBI Pay.
Using the ‘BHIM SBI Pay’ App
Sending money through UPI is quite simple:
- Log in to the BHIM SBI Pay application.
- Tap the Pay option.
- Please choose any one of the following: VPA, Account Number + IFSC, or QR code.
- Enter information needed here.
- Select the account from which you want to make the transfer. Authenticate the transaction using your UPI PIN. Customers can use these digital options uninterruptedly even when mCASH is discontinued.
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