SBI mCASH to shut down on Nov 30: How customers can send money after that

As mCASH shuts down, SBI urges customers to move to secure, widely used payment modes

India’s largest lender, State Bank of India (SBI), will withdraw its mCASH service from November 30. The feature, available on OnlineSBI and the YONO Lite app, allowed customers to send money without registering a beneficiary, using only the recipient’s mobile number or email ID. After the deadline, users will no longer be able to send or claim funds through mCASH links or the separate mCASH app.

 

The bank has advised customers to shift to widely used and more secure digital payment systems, including UPI, IMPS, NEFT and RTGS, for transferring money to third-party beneficiaries.

 

What mCASH allowed customers to do?

mCASH was designed as a convenience tool for quick, small-value transfers where registering a beneficiary was not practical. An SBI customer could send money by entering the recipient’s mobile number or email ID. The beneficiary would then receive an SMS or email containing a secure link and an eight-digit passcode.

 

The recipient could claim the funds in two ways:

 

·  through the mCASH mobile application after logging in with an MPIN, or

 

·  via the link provided in the SMS or email and entering the passcode.

 

The money could then be transferred to any bank account, not just SBI. Users could also save account numbers and IFSC codes as favourites for quicker future transfers.

 

With the service being phased out, these features will no longer be available.

 

What customers should use instead?

SBI is directing customers to alternative digital payment modes that offer instant or near-instant fund transfers with better security layers.

 

Unified Payments Interface (UPI)

For most day-to-day transfers, UPI is the simplest replacement. SBI operates its own UPI app, BHIM SBI Pay, which lets users of any UPI-enabled bank send and receive money, make bill payments and scan QR codes.

 

How to send money on UPI via BHIM SBI Pay?

 

1.     Log in to the BHIM SBI Pay app.

 

2.     Tap on Pay.

 

3.     Choose a payment method: UPI ID, account number and IFSC, or QR code.

 

4.     Enter the required details.

 

5.     Select the account you want to debit.

 

6.     Authorise the transaction with your UPI PIN.

 

7.     Confirm to complete the transfer.

 

Other options

For higher-value or scheduled transfers, customers can continue using IMPS, NEFT or RTGS via OnlineSBI or the YONO apps. These systems require beneficiary registration but provide robust security and reliable settlement timelines.