StanChart Bank enhances its Mobile Banking Solutions

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Standard Chartered Bank , India's largest international bank, today announced that it has enhanced its Mobile Banking Solutions basket with the launch of Cardless Cash Withdrawal & Mobile Commerce. Standard Chartered has pioneered an industry first in the fund transfer and mobile banking space with the launch of Cardless Cash Withdrawal.  This revolutionary new service will allow Standard Chartered customers to transfer cash instantaneously to anybody in India within the Standard Chartered network, irrespective of whether the recipient has a Standard Chartered account or not.  Standard Chartered Bank is the first bank in India and first international bank in the 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 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 in order for the recipient to successfully withdraw the money. In step 2 the recipient goes to a Standard Chartered Bank 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.

 

Speaking of the initiative, Murali M. Natrajan, Regional Head, Consumer Banking, India & Nepal, Standard Chartered Bank said, "Cardless cash is yet another innovative industry first product from Standard Chartered Bank.  We believe this facility will transform payments from P2P".  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 the 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, etc.

CDK Sai Narain, Head Consumer Transaction Banking & Strategic Initiatives, Standard Chartered Bank, said "Mobile as a channel offers a great opportunity for transaction convenience. We have over 300 million mobile connections and its penetration today is cross country and across various segments. We see this channel as a great opportunity and I am happy to say today, we have the entire product basket in this range - push based alerts, pull based query, mobile commerce and India's first 'Cardless Cash Withdrawal".

With these latest offerings in mobile solutions SCB customers will have the choice of transacting through an entire range of convenience points such as ATM, Telephone, Internet, and Mobile Banking.

  

Sourced From: LINOpinion - The Lintas Public Relations Division