Over the last few years, the field of electronic funds has witnessed a rise over the past few years. This has resulted in an increase in the opportunities in the e- commerce and m – commerce industry. Banks and financial institutes are now interconnected via a centralised network, thus allowing easy access to any account details on the central server. This enables users to transfer funds between any accounts, although there is considerable distance between each of them.
Banks have introduced several additional services making financial transactions a convenience for many. Amongst these services, the instant money transfer service has been one of the most beneficial ones. Instant money transfer service, is an innovative card less cash withdrawal service. Through this service, you can remint funds to anybody within the locality or country. In some cases, you can even transfer funds to another individual, just by providing a mobile number. The receiver can then withdraw and access the funds from the account, without the requirement of using a banking card.
When to make use of the instant money transfer?
One of the main benefits of this money transfer service is that it can be used at any time.
Additionally, the beneficiary can have access to instant cash anytime they require it. This service is beneficial for cases wherein:
• The receiver needs instant money
• The receiver needs to make a cash transfer
• The receiver does not have a bank account
• The receive is not in the vicinity where cash can be delivered.
• The sender does not have details of the receiver’s account number
How does instant money transfer work?
Instant cash can be transferred to any mobile number in India. All you need to do is provide the beneficiary’s mobile number. In order to make the fund transfer, the sender or receiver must login into the internet banking service and initiate the money transfer. The sender and register must then register a one-time account by entering one’s name, mobile number and the required address details. Once both the accounts have been registered, the money transfer service can be initiated once both parties receive information about the details of the transfer.
Normally the details regarding this transfer include:
• Transfer amount
• SMS code, which provides the authority to withdraw funds
• The unique code referring to the transfer
• Expiry dates of the transfer.
Instant money transfers withdrawal
Once the transfer has been completed, the beneficiary can access the funds through the bank’s ATM or even use the funds directly from the instant money transfer account. When withdrawing funds directly from the ATM’s account, you will need to provide details of:
• The mobile number on which the transfer details were received
• Sender’s code
• SMS code
• Transfer amount