From small vendors to big merchants, from Rs.1 to Rs.10000 plus, a simple basic phone works out for all your payments. Mobilisation of digital cash has eased the way out for doing businesses at various levels. All you need to do is to make it a habit and start using it.
SBI in collaboration with BSNL has launched its new app – ‘mobicash’ – which is featured with three-way access to transfer fund from your mobile phone. The wallet is featured for both the user – the one having smartphones and the other having a traditional basic phone. The app can run on android and iOS platform with GPRS connectivity. Moreover, basic phone users who are not having the facility can do their transactions through SMS or USSD code.
Currently, the bill payment and recharge facilities are limited to BSNL only, but soon it is going to be enhanced across all channel payments.
How to open an account:
To open a KYC-compliant wallet, you need to pay a non-refundable amount of Rs.20+service taxes which is to be paid at a customer service point (CSP). However, charges for availing the service under wallet are free. CSP is a normal retail store or mobile shop who are mainly into the business of selling prepaid mobile vouchers. Any store or third party agent can be registered as a CSP.
After getting registered, you can download the app from iTunes store/google play store and validate the same with your mobile number, name and date of birth. For cash in/out process, visit your nearest CSP where you need to generate an OTP for authentication purpose to transfer funds to your SBI mobicash wallet. On successful transaction, CSP will provide you with the amount after deducting necessary charges.
Ways to access your account for fund transfer:
Through SMS and USSD code: Using of text messages and USSD code, it has made it possible to exchange funds without using the internet. Offline transactions made through USSD can be processed by dialling *511# which will provide you options of balance enquiry, mini statement, fund transfer and much more. You need to follow step by step to do payments. BSNL users can use SMS facility by sending a message on 51516 and follow the steps. You can even call on the same number to avail the facility. Other users can SMS or call on 9418399999.
Through Mobile Wallets: SBI mobicash is a prepaid wallet where you can transfer the funds from one wallet to another mobicash wallet. Your registered mobile number will be your unique number for fund transfer. Unlike SMS or USSD you need to have internet facility to do the necessary transfer. There is no capping for maintaining minimum charges in your wallet.
Services offered under Mobicash app
SBI mobiCash provides you with both financial and non-financial services where you can transfer fund from wallet to wallet, wallet to SBI, wallet to another account (IFSC or MMID). Financial transactions provide you with the cash in and cash out facility, recharge, and bill payments. Apart from this, you can check your balance, mini statements, profile update, change the pin and do much more.
Security Concern
It is a highly encrypted app and the access to an application is verified and authenticated at the customer’s end. MPIN, which is a 6-digit personal identification number, has to be entered while processing any transactions. If you entered the wrong MPIN continuously for 3 times, then your MPIN will get blocked which may need to be reset again. If it is not working out, you have to call the customer care number of SBI. It is a secure app as no personal information is stored on your phone and in idle state the app automatically closes after 5 minutes.
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How to close the wallet account
Android and iOS users can simply uninstall the app if they do not want to use it further. The featured phone user can send SMS: CLOSESBMC*<MPIN>*<Remark> send it to 51516(for BSNL user) or 9418399999 (Other than BSNL user).
While closing your wallet make sure that the account is having no cash in it and you have filled the account closer form at your nearest CSP.
(Source:http://www.sbimobicash.co.in/sbimobicash/)
