Mumbai: ICICI Bank on Wednesday launched a facility under which an account holder can transfer money to a mobile phone user in the country even without the latter having an account with any lender.
A customer having a savings account with ICICI Bank can initiate a fund transfer using online banking by providing only the mobile number and address of the beneficiary, the country's largest private lender said in a statement.
For availing of funds under the 'Cardless Cash Withdrawal' scheme, the beneficiary need not have an account with any bank, it said.
A secure six-digit code gets sent to the mobile number of the beneficiary, who can then withdraw the amount from any of the lender's 10,000 ATMs using that number, the statement noted.
The money has to be withdrawn within two days of transfer.
"We foresee tremendous growth potential in the usage of electronic payments. This innovative service will further empower our customers as well as their families and friends by giving access to instant money even without having a bank account or a debit card," ICICI Bank executive director Rajiv Sabharwal said.
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