SBI discontinues mCash service on Nov 30: Switch to UPI, IMPS, NEFT now

New Delhi (The Uttam Hindu): The country's largest public sector bank, State Bank of India (SBI), has announced the closure of one of its key digital services. The bank announced that the facility to send and claim 'mCash' will be discontinued after November 30, 2025.

This feature will no longer be available on the bank's OnlineSBI and YONO Lite platforms. This means that customers will no longer be able to use this special service to send money without adding a beneficiary.

What was the mCash feature?

State Bank of India mCASH was a service that allowed any SBI internet banking customer to transfer funds without registering a beneficiary. All that was needed was the recipient's mobile number or email ID.

The recipient received an 8-digit passcode and a secure link via SMS or email. Using this link or the State Bank mCASH mobile app, they could claim the money, regardless of the bank where they held their account.

SBI has issued a message on its official website, which says: "The mCash (send and claim) facility will not be available in OnlineSBI and YONO Lite after November 30. Please use alternate transaction modes like UPI, IMPS, NEFT, RTGS, etc. to transfer funds to third party beneficiaries."

What are the options now?

The bank has urged customers to use other secure and widely used digital payment options for transferring funds to third parties. Customers can now use options like UPI instead of mCash, which allows them to send money easily using a mobile number or VPA through BHIM SBI Pay or any other UPI app. Additionally, they can also use services like IMPS or NEFT and RTGS for instant money transfers.