State Bank of India (SBI) has launched an Instant Money Transfer (IMT) Payment System on its ATMs in India.
IMT enables a payment up to Rs.10000 to be made from any SBI bank account to a person using just his/her mobile number as the identifier. The recipient of this payment can withdraw funds instantly from an IMT-enabled ATM of SBI without using a debit card.
SBI said this facility will be more useful for the migrant population who are regularly sending the money to their native places. IMT will also eliminate the middle men who are charging commission for remittances.
IMT is a payment system launched in India by Empays Payment Systems. It enables a payment to be made to a mobile phone from a bank account. There is no requirement for the beneficiary to have a bank account. The receiver can obtain the funds immediately from any IMT-enabled ATM.
Using IMT, the State Bank Group will be able to expand its reach to those sections of the population who are either unbanked or do not have access to their bank accounts. Additionally, it offers a new form of convenience payment to the emerging younger generation as SBI seeks to address them through new options.
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