What Was SBI mCASH and Why its Being Shut Down?

SBI has confirmed that its mCASH service will no longer function from December 1, 2025. The bank aims to improve payment security and encourage users to adopt newer digital transfer methods such as UPI and IMPS. 

Understanding SBI mCASH: A Quick Overview 

SBI mCASH enabled users to send money instantly without adding a beneficiary. Customers entered the recipient’s mobile number or email, after which the receiver got a secure link and an 8-digit passcode to claim funds through IMPS. It offered quick transfers and was often used for occasional payments. 

What is the Reason Behind SBI’s mCASH Shutdown? 

SBI stated that the decision is part of its plan to strengthen digital payment safety. As UPI and IMPS adoption has grown significantly, older systems like mCASH are being phased out. These newer methods provide improved encryption and fraud protection, aligning with current security requirements. 

How Did SBI mCASH Facilitate Easy Transfers? 

To use mCASH, customers selected the service in YONO Lite or OnlineSBI and entered the recipient’s contact details. A fee of ₹2.50 was charged per transfer. Recipients entered their account details and the 8-digit passcode to claim the amount, which was then settled via IMPS in real time. 

Read More: SBI Supports PSU Bank Mergers to Enhance Scale and Credit Growth! 

SBI’s Alternative Payment Methods Post mCASH  

From December 1, mCASH will be fully disabled. Customers will neither send funds nor claim any pending transfers. SBI has urged users to move to UPI, IMPS, NEFT, or RTGS to ensure uninterrupted digital banking. While UPI via BHIM SBI Pay remains the fastest method for everyday transfers, IMPS offers instant payments, while NEFT and RTGS support larger transactions above ₹2,00,000. 

Conclusion 

SBI’s move to discontinue mCASH reflects the shift towards more secure and efficient digital payment systems. Customers can continue seamless banking by switching to modern options like UPI, IMPS, NEFT, and RTGS before December 1, 2025. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

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