The State bank of india (SBI) has officially discontinued its M-Cash facility, an older method that allowed users to transfer money using mobile phones. customers who previously relied on M-Cash for payments, peer-to-peer transfers, or bill payments now need to switch to more secure and modern wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payment options offered by the bank.
Why sbi Discontinued M-Cash
· Outdated Technology: M-Cash was based on older mobile banking protocols and lacked modern security features.
· Better Alternatives Available: Today’s wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital banking options like UPI, IMPS, NEFT, and RTGS offer faster, safer, and more versatile transaction methods.
· Enhanced Security: Modern methods ensure encrypted transfers and reduce the risk of fraud.
How to Make Transactions Now
1. UPI (Unified Payments Interface)
· What it is: Real-time money transfer using a smartphone app linked to your bank account.
· How to use:
o Download a UPI-enabled app like SBI yono, google Pay, PhonePe, or Paytm
o Link your sbi account using your VPA (Virtual Payment Address)
o Send or receive money instantly using just the UPI ID or mobile number
2. IMPS (Immediate Payment Service)
· What it is: Instant interbank transfer service available 24/7.
· How to use:
o Use SBI yono, Internet banking, or SMS Banking
o Transfer funds using account number and IFSC code or MMID
3. NEFT (National Electronic Funds Transfer)
· What it is: Secure transfer of money between banks, typically processed in hourly batches.
· How to use:
o Log in to SBI Net banking or yono app
o Enter beneficiary account details and IFSC code
o Fund transfer is processed in scheduled batches
4. RTGS (Real-Time Gross Settlement)
· What it is: Used for high-value transactions (usually ₹2 lakh and above) in real-time.
· How to use:
o Log in to SBI Net banking or branch
o Enter beneficiary account details and IFSC code
o Transfer funds instantly without waiting for batch processing
Conclusion
With the discontinuation of SBI M-Cash, customers are encouraged to switch to modern wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital banking options like UPI, IMPS, NEFT, and RTGS. These methods not only provide faster and safer transactions but also offer greater convenience, making mobile banking more efficient than ever.
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