Stanchart launches cardless cash withdrawal initiative

Mumbai, Jan 30 (UNI) Standard Chartered Bank today announced a pioneering initiative in fund transfer and mobile banking space with the launch of Cardless Cash Withdrawal.

Addressing a press conference, Standard Chartered Regional Chief Executive (India and South Asia) Niraj Swarup said, ''This revolutionary new service will allow Standard Chartered customers to transfer cash instantly to anybody in India within the Standard Chartered network, irrespective of whether the recipient has a Standard Chartered account or not. He said the bank is first in world to provide this service.

Availing of 'Cardless Cash Withdrawal' can be done in two easy steps. In the first step, the Standard Chartered customer makes a request at a Standard Chartered ATM to transfer desired amount to recipient's mobile number. The customer will immediately receive an order number on a receipt dispensed at the ATM. Instantly, the recipient's mobile number will receive a sms with a pin number which will be required to withdraw the money. The sender will also have to communicate the order number that he has received in order for the recipient for successfull withdrawal of money.

In the next step, the recipient goes to a Standard Chartered ATM and after following the instructions enters the unique pin number, order number, mobile number and amount. On verification by the Standard Chartered system, the cash is dispensed to the recipient.

The recipient must withdraw the cash from the ATM within 24 hours of the request being placed and the money is debited from the SCB customers account only when the cash is dispensed, he added.

Speaking of the initiative, Standard Chartered Bank Regional Head and Consumer Banking, India and Nepal, Murali M Natrajan said, ''Cardless cash is yet another innovative industry first product from Standard Chartered Bank. In the next few years, new mechanisms could emerge in India which will take advantage of the potential benefits of combining and integrating ATMs, eKiosk, mobile and internet.'' Additionally, Standard Chartered Bank has also launched Mobile Commerce for its customers. The new mobile commerce initiative will support payment for movie ticket, airline ticket, Internet shopping.

Standard Chartered Bank Head Consumer Transaction Banking and Strategic Initiatives CDK Sai Narain said, ''Mobile as a channel offers a great opportunity for transaction convenience. We have over 300 million mobile connections and its penetration today is across the country and across various segments.'' UNI MR GR VKG1610