State Bank of India (SBI), one of the best banks in india, as per their latest Announcement, they officially say that their mCASH (Send & Claim) service will be discontinued from 30 November 2025. After this date, you will no longer be able to send or receive money using mCASH on OnlineSBI or YONO Lite platforms.
The bank also advises users to switch to other payment methods, such as YONO Pay, UPI, IMPS, and NEFT, for any money transfer to your third-party beneficiaries. For any transfer above Rs. 2 lakh, use the SBI RTGS facility. The bank issued this as part of its digital service updates, signalling the end of one of SBI’s early digital payment innovations.
What is SBI mCASH, and How Did It Work?
Before UPI apps became popular, mCASH was seen as the most useful way to send money instantly without adding a beneficiary or waiting for any cooling period. It allowed users to send money using only a mobile number or email ID, avoiding mandatory beneficiary registration.
How it worked:
- The sender who wants to pay using the facility needs to enter the recipient’s mobile number/email ID, amount, and remarks.
- The recipient (money receiver) got a link and an 8-digit passcode via Text SMS on the account-linked mobile number.
- The receiver just claimed the money by providing the passcode, account number, and IFSC.
- The transfer was settled via IMPS within 5 minutes.
This was especially useful for quick payments to friends, relatives, service providers, or when beneficiary details were not available.
Key Details of mCASH Service
| Feature | Details |
|---|---|
| Service Name | SBI mCASH |
| Last Working Date | 30 November 2025 |
| Platforms | OnlineSBI & YONO Lite |
| Beneficiary Required? | No |
| Identifier Used | Mobile number or Email ID |
| Claim Method | Link + 8-digit passcode |
| Transaction Fee | ₹2.50 per transfer |
| Per Transaction Limit | ₹2,501 |
| Daily Limit | ₹5,101 |
| Monthly Limit | ₹11,101 |
Why is SBI Shutting Down mCASH?
Although SBI has not specified a reason, it is clear that mCASH has become outdated in 2025. With UPI now contributing over 75% of India’s digital payments, and IMPS, NEFT, and RTGS covering the rest, the need for mCASH has significantly declined.
| Payment Mode | Market Share (Approx.) |
|---|---|
| UPI | 75% |
| IMPS | 10% |
| NEFT/RTGS | 12% |
| mCASH & Others | <1% |
Moreover, UPI offers faster transfers, no passcodes, QR codes, and zero fees, making it more user-friendly than mCASH’s multi-step process.
What Should Customers Do Now?
- Avoid using mCASH after 30 November 2025.
- Use UPI apps like YONO SBI, Google Pay, PhonePe, Paytm for instant transfers.
- For larger or business payments, use NEFT, RTGS, or IMPS.
- If you are still using it, claim any pending mCASH transfers before discontinuation.
With this move, SBI is clearly shifting focus to faster, simpler, and more secure digital payment systems. mCASH once filled a gap in India’s digital banking journey. UPI closed most of the payment methods, including this.
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