Standard Chartered ups the ante with 'cardless cash withdrawal'

30 January 2008

Mumbai: Standard Chartered Bank has announced that an enhanced Mobile Banking Solutions basket with the launch of Cardless Cash Withdrawal & Mobile Commerce.

Pioneering an industry first in the funds transfer and mobile banking space, the bank has launched the facility of Cardless Cash Withdrawal.  The service allows Standard Chartered customers to transfer cash instantaneously to anybody within India, within the Standard Chartered network, irrespective of the fact whether the recipient has a Standard Chartered account or not. 

Availing the ''Cardless Cash Withdrawal" is a two step process. In the first step, the Standard Chartered customer makes a request at a Standard Chartered ATM to transfer desired amount to the recipient's mobile number. The customer will immediately receive an order number on a receipt dispensed at the ATM.

Instantaneously, 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 for the recipient to complete the transaction.

In the second step, the recipient would have to go to a Standard Chartered Bank ATM and having followed the instructions, enter the unique pin number, order number, mobile number and amount. On verification by the Standard Chartered system, the cash is dispensed to the recipient.

However, the recipient would need to complete the withdrawal from the ATM within a 24 hour period from the time the request was placed. The money is debited from the SCB customers (senders) account only when the cash is dispensed.