PNB SMS Banking, SBI SMS Banking, HDFC SMS Banking
Punjab National Bank SMS Banking service has begun rolling out. The bank says the SMS service is also “integrated with the Bank’s LiveChat/Online Banking application.” Users can access the service by registering on the SMS Banking portal and entering their mobile phone numbers.
Once they enter the PIN and other details required to receive the SMS, they can simply swipe the SMS to receive cash on their registered mobile number. There is a maximum cash limit of Rs 10,000 per transaction.
The service will initially be available for Delhi, Mumbai, Kolkata, Ahmedabad, Pune, and Chandigarh. Still, the bank says the roll-out of the service will be made across the country over the next few months.
The bank had launched the SMS Banking service last year in select markets.
From April 5, PNB customers can recharge their mobile phone SIM through their SMS banking account.
Punjab National Bank’s SMS Banking will enable consumers to deposit cash by sending an SMS on receiving an SMS with a minimum amount of Rs 10 to their mobile phone. (Source: PTI)
The same technology is being deployed by several banks such as Bank of India (BoI), UCO Bank, Union Bank of India (UBI), and Bank of Maharashtra to facilitate customers to receive text messages to make payments via their respective mobile numbers.
SMS-based payments have received a substantial push in the wake of the government’s decision to shut down the Real Time Gross Settlement (RTGS) service, introduced by the Reserve Bank of India. As a result, even in certain cases, the payments take place over SMSs instead of the traditional banking system.
State Bank of India (SBI) has recently rolled out SMS-based payments for debit card customers to make payments for ATM transactions. “The switchover has begun to enable cashless transactions of Rs 10,000 and above for debit card users in metro cities,” the bank said in a statement last month.
The customer can make the cash transfer by sending an SMS with the minimum amount required to be transferred. If customers receive the SMS, they can simply enter their phone number and then swipe the SMS to receive cash.
Since November 2016, SBI customers have made transactions of up to Rs 1,500 to their debit card accounts by sending a text message. The payment service can be used to pay for money transfers, EMI, pre-approved credit card payments, standing instructions, online purchases, and even retargeting ads for mobile advertisements.
HDFC Bank has launched SMS banking services, offering customers an additional payment service of up to Rs 50,000 on the Mobile Banking application. The service is also available in the United Kingdom and Australia.
In a statement issued last month, HDFC Bank had said the SMS service will be made available to its customers on a phased basis, and the bank had already started testing the service.
The bank claims the cash flow and utilization of the service will be monitored by the SMS API, and transactions will be monitored regularly.
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