Many Indian banks now offer cardless transactions at their ATMs – a system that can benefit the unbanked or anybody that urgently needs cashMoney in physical form such as banknotes and coins. More but does not have a debit card in hand.
The process is simple: the user must login to an online/mobile banking account to registerSee See-through register. More his/her mobile phone. Once the login is approved, anybody can transfer moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More to the registered mobile number. Once the funds are transferred, the user will receive an SMS code and the sender a verificationChecking the authenticity. More number: both will be needed when s/he goes to withdraw money at the bank. The ATM will request the user’s mobile number, sender’s verification number and the beneficiary’s code before dispensing the money.
It’s as simple as 1-2-3!
To read the Financial Express’ article, click here.