State Bank of India has launched Instant Money Transfer (IMT) Payment System on its ATMs. The system allows payment of up to Rs 10000 to be made from any SBI bank account to a person using just his/her mobile number as the identifier. The recipient of this payment can withdraw funds instantly from an IMT-enabled ATM of SBI without using a debit card.Using IMT, the bank will be able to offer a unique payment option to its customer base and expand its reach to those sections of the population who are either unbanked or do not have access to their bank accounts. Additionally, it offers a new form of convenience payment to the emerging younger generation. IMT is a unique payment system developed by Empays Payment Systems. The facility is expected to be of great use for the migrant population who are regularly sending the money to their native places.
