Rajat is 25 year old marketing professional. He has to travel to different cities for work purposes. He hardly carries any cash and is also reluctant to use to use card for security concerns. Rajat books bus and train tickets through online apps and even shops online. He uses wallets to pay small vendors. However, during one such trip to Ahmedabad, he forgot to carry his ATM card. What shocked him more was that many of the store owners did not accept online payments or wallet payments. Rajat was at a loss and did not know what to do. After repeated failed attempts to coax the owners to accept online payments, he sat down and thought long and hard.
Seema is 21 year old student. She takes auto rickshaw to reach her college and back. Her college was just 15 mins away from her house and hence taking an auto was the easiest mode of travel. She loves to shop and is a member of different lifestyle stores. Her debit card is just one of the cards that rest along with her other cards in a separate card holder. One day when going to college, she forgot to carry the card holder. She had to pay fees to a particular association that she is a member of. She did not have it in cash. When she shared her problem to her best friend, he offered to lend her the cash. However, Seema didn’t want to take cash from her best friend and at the same time going to her house and coming back was not possible as she didn’t have so much time on her hands. She had to come out with a solution soon.
Bijoy travels a lot. He is full time blogger and remote works most of the times. One can easily find him in a shack with a beer on one side and typing away on his computer. Beaches are his favourite. As he remote works, he is able to have the best of the both worlds as his days and nights are filled with travelling and writing. He could not ask for more. He had a steady income source as well. But one day he lost his ATM card and did not have enough cash with himself. He immediately blocked his card through his phone app. He now needed cash to survive. He called his best friend who came up with a brilliant way to transfer cash to shim.
These were just some of scenes that can happen with anyone.
In these scenarios, cardless cash transactions would come to rescue. The financial landscape is evolving very fast. While it is coming up with new products and innovations, it has made few things like vestigial organs. With the advancement of technology, it has made it easier for malicious people to hack into bank accounts and wipe accounts clean. In the wake of such incidents, banks have come with stringent measures such as chip ATM etc. Hence, it is important for banks to upgrade their security features. Another aspect that banks are working for is to make transactions easy for customers.
One such facility that takes care of both the security and ease is cardless ATM transaction. Kotak Mahindra Bank has introduced Cardless Cash Withdrawals (Instant Money Transfer -IMT). With the help of this facility, you can make safe and secure withdrawals from an ATM machine without cards. You can also send money to your friends. They can withdraw the cash from the ATM near to them. This makes cash withdrawal a safe and secure transactions. Now, you don’t have to panic for forgetting your card at home. All you need is your phone. Withdrawing cash from ATM without a debit card is easy.
Here are the steps to withdraw cash or send money through ATM without debit card:
These are the following steps that you or the person receiving money should do:
And that’s it.
The facility is not free. After the first transaction, Rs.10 will be charged for each transaction. Hence, it should be used only for urgent situations. Also, the request is only valid for 48 hours. If the transaction is not done within 48 hours, the amount will be credited back to your account the following day.
SBI had also recently introduced cardless ATM transactions through a launch of YONO Cash. SBI customers can withdraw cash through the YONO app after setting a six-digit pin for the transaction. A six-digit reference number for transaction will be sent to the registered mobile number through SMS. Also, the cash withdrawal needs to be completed within 30 minutes using the PIN and the reference number. The ATMs enabled for cardless transaction will be named as YONO Cash Point.
ICICI Bank also has the facility but the sender should be registered for Corporate Internet Banking (CIB). The maximum transaction amount per transaction is Rs 10,000 and the maximum amount per beneficiary cannot exceed Rs 25,000 in a month. Also, it charges Rs. 25 for every cardless withdrawal.
The facility of cardless withdrawals makes transaction easy and is a useful during emergency situations. However, don’t rely on cardless withdrawal as it comes with added charges.
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