Airtel Payments Bank has officially confirmed that its customers will now be able to withdraw cash in a card-less manner across select ATMs throughout India. The entire process of card-less withdrawals of cash will be facilitated through technologies for instant money transfer. IMT (instant money transfer) is the biggest interoperable cash ATM (card-less) network globally and has been built by Empays Payment Systems India Private Limited which also runs it.
This facility is available at the moment for all customers having Airtel Payments Bank accounts. It can be availed at more than 20, 000 ATMs in the country which are IMT-enabled and this will soon be increased to more than 100, 000 ATMs in India by the end of 2018 as per the company’s statement.
Airtel Payments Bank has entered into a partnership with Empays for enabling seamless cash withdrawals for savings account holders via their mobile phones and the card-less cash technology or IMT offered by Empays. This technology can be tapped for self-withdrawals of cash or also for money transfers to selected recipients for ATM cash withdrawals according to Airtel Payments Bank. More than 1 lakh ATMs which are owned by some of the biggest Indian banks like PNB (Punjab National Bank), SBI (State Bank of India) and Axis Bank among others, are already tied to the IMT network for enabling card-less withdrawals of cash.
The network has been licensed by the RBI (Reserve Bank of India) as an officially accepted system for payments and is a one-of-a-kind proposition in India till now. Airtel Payments Bank will also be waiving Rs. 25 as the transaction fee for the first two self-withdrawals under this system.