Money & Banking

South Indian Bank introduces Aadhar-based payment app

V. Sajeev Kumar Kochi | Updated on January 15, 2018 Published on March 23, 2017

To promote cashless digital transactions, South Indian Bank has introduced Aadhar-based payment in its UPI mobile application- SIB M-Pay.

Unified Payment Interface enables all bank account holders to send and receive money from their Smartphone without entering the bank account information. Even non-customers of South Indian Bank can link any of their bank account in this mobile application. Currently, the fund transfer is possible only if the Virtual Address (UPI ID) of the beneficiary is known to the user. With the latest addition in SIB M-Pay, the fund transfers can be done by just entering the Aadhar number of the beneficiary. The amount will be credited directly to the beneficiary’s Aadhar linked bank account. SIB M-Pay app is currently available in Android Playstore.

Aadhar based payment in South Indian Bank's SIB M-Pay will be a major step in offering simple and efficient payment methods, as the country moves towards a 'Cashless Society' and Aadhar ID plays a key role in Digital India initiatives, said V G Mathew, MD & CEO of the bank.

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Published on March 23, 2017
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