The State Bank of India has made a big announcement regarding its mCASH service. Customers will no longer be able to use the old feature after November 30, 2025, which allowed quick money transfers without the need to add beneficiaries. The Bank will discontinue the service from December 1, restricting customers from sending or claiming money using mCASH links on the OnlineSBI or YONO Lite platforms.
What Is SBI’s mCASH Service?
SBI’s mCASH service allows customers to make fast transfers. Users could simply enter the recipient’s phone number or email ID, after which the recipient was sent a secure link and an 8-digit passcode to claim the funds credited instantly into any bank account. The service was useful, particularly for making occasional payments. Additionally, it allows customers to save an account number along with the IFSC code as favourites, streamlining future claims.
Why Is SBI Discontinuing mCASH Service?
According to SBI, the mCASH service is being discontinued to strengthen digital payment security. It is also being phased out to remove outdated or less secure transfer modes. The bank is actively engaging in the use of UPI, IMPS, NEFT, and RTGS to simplify the digital banking experience for users. The new digital transfer systems offer better encryption and protection against fraud.
Here’s What Users Must Do Before Deadline
After the mCASH option is permanently disabled, customers will not be able to send or claim money using their phone number or email ID. Users are advised to use safer alternative options for making digital payments. UPI, IMPS, NEFT, and RTGS are some of the alternate options that allow hassle-free money transfers.
