MobiCash state bank mobile wallet
State Bank MobiCash may be a prepaid mobile portfolio launched by the state-owned bank of India in association with BSNL. SBI MobiCash wallet can help you avail cashless services such as deposit and withdrawal cash, money transfer, mobile recharge, utility bills payment etc. Bill payment and recharge facility are currently limited to BSNL only. SBI MobiCash can be a unique portfolio that works for a smartphone as well as for basic mobiles. Let’s review SBI MobiCash and its usage.
MobiCash state bank mobile wallet
State Bank MobiCash Mobile Wallet – Key Features
SBI Mobi Cash is a prepaid instrument that can not be linked to any bank account.
The NonSmartphone user can also take advantage of the ease offered by this portfolio.
A minimum balance is not required for the MobiCash portfolio.
MPIN, 6-digit code is required to process any transaction.
The wallet’s wallet account will be locked in 3 consecutive incorrect MPIN attempts.
How to sign up for MobiCash Wallet?
Follow the method below to get started using nil KYC Mobi Purse.
Look for SBI MobiCash in the Google Play Store or iTunes Store and install the application on your Android / iOS smartphone.
Open the SBI Mobicash application on your phone.
Click the Register button on the login page.
On the Registrar page, fill in all the information in the form and press the Submit button.
You will be prompted to verify the OTP page.
You will receive SMS on your phone with OTP. Enter OTP on the Verify OTP page and press Submit.
Read the Terms and Conditions and select the check box against accept and press send.
You will be directed to the login page and can receive your default MPIN via SMS.
Enter your 10-digit mobile number and the default MPIN and tap Enter.
You will be prompted to change your default MPIN.
NIL KYC wallet does not allow you to withdraw money or high value transaction. If you want to carry out high value transactions or withdraw money, you want to open the KYC-Compliant portfolio.
To open a wallet compatible with KYC, you must pay a non-refundable deposit of Rs.20 + service tax. You want to pay this deposit at the customer service point (CSP). Point of customer service could be a retail store or a mobile store that are mainly in the business of selling prepaid mobile vouchers.
For the money entry / exit process, you should visit your nearest CSP and recharge the portfolio before beginning the transfer of funds from your mobile wallet. It’s like loading your SIM card with the necessary balance.
Where can SBI MobiCash be used?
You can use SBI MobiCash for each of the financial and non-financial services where you transfer funds from portfolio to portfolio, portfolio to SBI, portfolio to a different account (IFSC or MMID). Financial transactions give you with cash and ease of withdrawal, recharging, and bill payments, merchant payment. Apart from this, it will check your balance, change your PIN, mini statements, update the profile, transaction history and do much more.
How to close the MobiCash wallet?
The closure of the MobiCash portfolio is very simple. If you are smartphone client you just need to install Andriod or iPhone application. If you are using a basic phone, you must send SMS: CLOSESBMC ** to 51516 (for the BSNL user) or 9418399999 (other than the BSNL user).
Make sure your mobile wallet is empty while you are closing your MobiCash wallet.
Positives and Negatives about MobiCash
The instrument can be prevented from being used improperly.
No Smartphone user can also use this wallet.
They claim to be safer.
Complicated product compared to other mobile wallets.
Cash recharge required.
You can not link your bank account / debit card with this wallet.
More procedure and paperwork is required for KYC.
Overall, it appears to be the average product of SBI and BSNL.