Mumbai: The private sector Standard Chartered bank has rolled out a facility, which enables a StanChart customer to transfer funds from the bank's ATM to any person who has a mobile phone. This card-less cash withdrawal mechanism will eliminate the need for the use of credit cards, internet banking and money orders for transferring funds.

The second phase of the implementation of this technology will witness transfer of funds directly from the sender's mobile phone itself and finally the service will be extended to international fund transfers. To get the funds, the recipient will have to go to a StanChart ATM and enter the order number and PIN as detailed in the funds transfer message received on the mobile phone. This process will have to be completed within 24 hours of receiving the message. Though, the fund transfer is instant, the sender's account is debited only when the amount is withdrawn by the recipient. Presently the  fund transfers using this technology are capped at Rs. 10,000 per transaction and Rs. 20,000 per day.

This service offered by Standard Chartered bank will presently be available only from StanChart ATM's, but steps are being taken to expand its domain to CashNet ATM network. Standard Chartered bank has also tied up with PayMate, which will enable its customers to buy movie and airline tickets, make payments at restaurants through mobile phones. Standard Chartered is not the only bank, which is foraying into mobile funds transfer other entities like Corporation bank, Pune based co-operative bank Cosmos Bank have also tied up with PayMate for such services.