MobiCash – SBI’s digital wallet | Fusion - WeRIndia

MobiCash – SBI’s digital wallet

MobiCash – SBI’s digital wallet

SBI recently launched MobiCash, a new app to transfer funds from mobile phone securely.

MobiCash is launched in association with BSNL.

You have to pay ₹20 plus service tax to open KYC-compliant wallet.

But, the services under the wallet are free to use.

You can download the app from Google play store or iTunes after the completion of registration process. You have to validate your details.

Various customer service point (CSP)s are there to assist the users.

The new app is highly encrypted and needs authentication of customers to process transactions. The app enables you to have three-way access for transferring funds from smartphones as well as normal basic phones.

It works with GPRS and functions on android and iOS platform. The old phones which do not have GPRS facility can carry out their transactions by way of SMS or USSD code.

Those who have smartphones can use MobiCash as a prepaid wallet. Using this wallet, you can transfer funds from one wallet to another wallet.

For this, you need to have internet connectivity. Your registered mobile number will work as your unique number to transfer funds.

Those who do not have internet facility can dial *511# through USSD which provides the option of fund transfer.

BSNL users can use SMS facility and send messages to 51516. They can also call the number. Other users can SMS or call on 9418399999.

In addition to transferring funds, MobiCash can be used to make payments to merchants.

You can also use it for online buying, recharges and bill payments. However, at present, only BSNL recharges and bill payments are allowed.

It will be extended to other channels soon.

MobiCash wallet can be used in both self-mode and assisted mode. In assisted mode, you can get the help of BSNL CSPs.

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