News

India's ICICI Bank adds cardless cash withdrawal capability

The FI's customers can now send money to anyone in the country, even if the recipient doesn't have a bank account.

September 12, 2014

ICICI Bank has launched a new service in India that allows ATM users to make cash withdrawals using just a mobile number, according to a news release from the FI.

The cardless withdrawal service allows an ICICI savings accountholder to transfer money to another person in the country regardless of whether the recipient has a bank account.

To transfer funds, the accountholder must first register the recipient's name, mobile number and address through online banking.

The bank will then send a four-digit verification code to the sender and a six-digit reference code to recipient, who may use the code to withdraw money from any of more than 11,000 ICICI Bank ATMs across India.

"We foresee tremendous growth potential in the usage of electronic payments in our country," said ICICI executive director Rajiv Sabharwal in the release. "Cardless cash withdrawal provides an added facility in an array of electronic payment options that ICICI Bank offers to its customers."