State Bank of India unveils a new safe way to transfer money
One
of the most painful steps in digital banking is the registration process for creation
of a new beneficiary.
Almost
all banks have a cooling period before funds can be transferred to a new beneficiary.
Though
from a security angle, registration of beneficiary is very much necessary.
To
overcome this obstacle, State Bank of India recently launched a new safe tool
on their APP ‘State
Bank Anywhere’.
This
new safe funds transfer tool is based on QR Codes.
Yes,
you have read it correctly QR
Codes.
The
process is simple. The SBI App ‘State Bank Anywhere’, is mandatory.
Through
this APP, Quick Transfer using QR Code to Beneficiaries without registration is
possible.
The
QR Code is a combination of Beneficiary Name, Beneficiary Account Number and Beneficiary
IFS Code.
The
wonderful part of the this QR code generation is that it can be created by any beneficiary
i.e a SBI account holder or non-SBI account holder.
Brief
process flow is as under:-
- The
QR Code generation is available both at the pre-login and post-login State
Bank Anywhere application.
- The QR code is generated by entering details (Name, A/c Number, IFS Code etc.).
- 'State
Bank Anywhere' creates the QR code.
- The
beneficiary has two options i.e either shows the QR code on his/her device
to the remitter (a State Bank Anywhere user) or transmit the QR code to
the remitter (a State Bank Anywhere user)
- The
remitter logs into State Bank Anywhere application and Scans the QR code
on the beneficiary mobile device using his/her smart phone camera Or reads
the QR code received through email, image gallery.
- The
application decodes the QR code and auto populates the beneficiary values
and provides information like Name, A/c No, IFSC, amount etc.
- The
remitter enters the “Amount” and “Remarks” and proceeds for payment. No
prior registration of the beneficiary is required!
Now all that is required is to
popularise this option at the SBI Tech Centres.
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