MobiCash to make digital transactions accessible to all

Ranchi: MobiCash, a joint endeavour of State Bank of India (SBI) and Bharat Sanchar Nigam Limited (BSNL) was launched in Jharkhand on Thursday, for the BSNL’s existing customers.
Addressing a press conference on Thursday, Ramashray Prasad GM (Mktg-CM) said, “The app which will be backed by the 5 lakh retailer network of SBI and BSNL will prove to be a significant step from cash to cashless.The app is expected to give access of plastic money to 80% of the population, as against the 20% who presently have access. The goal of the app is to reach the poor and weaker sections of the society.”
The launch marks the beginning of the first phase of the E-Wallet and unlike other applications, it will be accessible through SMS, USSD and a mobile app and give retailers the role of cashiers. It will act as an extension of bank counters and provide facilities like fund transfer from wallet to account and vice versa, bill payment (BSNL), cash in, cash out, P2P and other retailer initiated transactions of the first phase.
In the second phase, features like utility payments, merchant payments, direct benefit transfer and recharges and payments to operators other than BSNL, will be included. The Wallet is will be linked to all the government schemes in future and has a transaction limit of up to one lakh which can be extended to six lakh.