Mumbai, Sept. 10: ICICI Bank today launched a facility that will enable customers to transfer funds to any person without a bank account but with a mobile phone.

Such a beneficiary can withdraw the transferred money from ICICI ATMs even without a debit card.

The sender will have to have an ICICI Bank account, besides a mobile phone.

To transfer funds under the Cardless Cash Withdrawal scheme, the sender, having an ICICI Bank savings account, will have to initiate the process by logging into Internet banking.

The individual will have to register the recipient’s name, mobile number and address.

Following this, the sender will get a four-digit verification code and the recipient a six-digit reference code.

The beneficiary can then withdraw cash from any of the bank’s 10,000 ATMs by entering the mobile number, the cash amount along with the verification and reference codes within two days of the transaction.

Cash will be dispensed after the recipient correctly enters both the mobile number and the four-digit and the six-digit codes. The entire amount will have to be withdrawn as a one-time transaction.

However, if there is any mismatch in the details, the transaction will be blocked and the amount will be returned to the sender’s account.

“We see growth potential in electronic payments... This service will empower our customers as well as their families and friends by giving access to instant money even without having a bank account or a debit card,” ICICI Bank executive director Rajiv Sabharwal said.

As of June 30, ICICI Bank had around 11,400 ATMs, while saving account deposits stood at Rs 1,02,736 crore.