MasterCard, SBI device faster way to flow funds | india | Hindustan Times
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MasterCard, SBI device faster way to flow funds

MasterCard Worldwide along with SBI launch a pilot project to transfer funds between one credit/debit card to the other for the first time in Asia/Pacific, Middle East & Africa Region, reports BS Srinivasalu Reddy.

india Updated: Dec 11, 2007 21:54 IST
BS Srinivasalu Reddy

Transfer of funds to a friend or a relative is made simpler. MasterCard Worldwide along with State Bank of India (SBI) on Tuesday launched a pilot project to transfer funds between one credit/debit card to the other for the first time in Asia/Pacific, Middle East & Africa Region.

“MasterCard MoneySend (the scheme) will allow its consumers to conveniently send intra-country, person-to-person money transfers using the ATM channel. The recipient can access the transferred funds by making a purchase wherever MasterCard and Maestro cards are accepted, or by withdrawing cash in local currency at ATMs,” said Robert Walls, Vice President, Debit Product Management, Asia/Pacific, Middle East and Africa, MasterCard Worldwide, at the launch.

“Usually, funds transfer takes 24 hours if it is from and to the Mastercard cardholder. If the transfer involves a Mastercard branded card then it may take 48 hours,” Walls added.

Over the years we have seen debit cards replacing the need for passbooks, multi-function ATMs complementing branch services and most recently, Internet and mobile phones being used to make payments. The new scheme enables MasterCard or Maestro cardholders to transfer money quickly, easily and securely to family members or friends.

SBI Deputy Managing Director & Group Executive - National Banking Sitaramam Komaragiri said: “MasterCard MoneySend pilot is one more demonstration of SBI’s constant endeavour to expand the way Indian consumers can send and receive funds by moving to multiple electronic channels. SBI will over the next few months launch many new products using multiple channels to allow the customer greater choice and convenience.”

SBI has about 5,500 ATMs. But, along with its associates the figure goes close to 8,000. Being the largest bank in India the bank has a vast network of 9,177 branches, besides over 3,500 brnaches of its subsidiaries.

Responding to a query, Walls said: “The pilot project is for six months. It will help us fine-tune operational procedures and adjust the systems accordingly.”

He also said that many other banks have evincing interest in the facility, and that the platform will be extended to these banks after the pilot process is over.