Cardless cash withdrawal will be available from one lakh bank ATMs by the end of the current year for remittances initiated by customers of these banks, according to report.
Also, cardless withdrawal facility may also be made available at lakhs of point of sale terminals at shops which provide cash-out facilities.
Lenders such as Bank of India and Kotak Mahindra Bank already allow customers to remit funds to anyone with a mobile phone. The State Bank of India (SBI) and Punjab National Bank (PNB) are also set to facilitate cardless withdrawal.
The IMT Payment System, conceptualized and built by EMpays Payment System, has made the cardless withdrawal possible. IMT system works not only in ATMs but across channels and can be used for sending funds to business correspondents of banks as well.
