State Bank MobiCash may be a prepaid mobile wallet launched by state bank of India in association with BSNL. SBI MobiCash wallet can help you to avail cashless services like deposit and withdrawal of cash, money transfer, mobile recharge, utility bill payment etc. The bill payment and recharge facility are currently limited to BSNL solely. SBI MobiCash may be a unique wallet that works for a smart phone as well as for basic mobile. Let’s review SBI MobiCash and its usage.

State Bank MobiCash Mobile Wallet

State Bank MobiCash Mobile Wallet – Key Features

  • SBI Mobi Cash is prepaid instrument it cannot be linked to any bank account.
  • NonSmartphone user can also avail facility offered by this wallet.
  • No minimum balance is required for MobiCash wallet.
  • MPIN, 6-digit code is required for processing any transactions.
  • Mobile wallet account will be blocked on 3 consecutive wrong attempts of MPIN.

How to enroll for MobiCash Wallet?

Follow the method given below to start using nil KYC Mobi cash wallet.

  1. Search SBI MobiCash on google play store or iTune store and install the app on your Android/iOS smartphone.
  2. Open the SBI Mobicash App on your phone.
  3. Tap on Register button on Login Page.
  4. On the Register Page, fill all the information within the form and tap submit button.
  5. You will be directed to verify OTP page.
  6. You will receive SMS on your phone containing OTP. Enter OTP on Verify OTP page and tap submit.
  7. Read Terms and condition and choose checkbox against accepting and tap submit.
  8. You will be directed to Login page and you may receive your default MPIN through SMS.
  9. Enter your 10-digit Mobile number and default MPIN and tap Login.
  10. You will be directed to change your default MPIN.

NIL KYC wallet doesn’t allow you to perform money withdrawal or high-value transaction. If you wish to perform high-value transaction or money withdrawal you wish to open KYC-Compliant wallet.
In order to open KYC-compliant wallet, you need to pay a non-refundable deposit of Rs.20 + Service tax. you wish to pay this deposit at customer service point (CSP). customer service point could be a retail store or mobile shop who are chiefly in the business of selling mobile prepaid vouchers.

For money in/out process, you need to visit your nearest CSP and recharge the wallet before commencing fund transfer from your mobile wallet. it’s like charging your SIM card with needed balance.

Where can you use SBI MobiCash?

You can use SBI MobiCash for each financial and non-financial services wherever you’ll transfer fund from wallet to wallet, wallet to SBI, wallet to a different account (IFSC or MMID). financial transactions give you with the cash in and cash out facility, recharge, and bill payments, merchant payment. apart from this, you’ll check your balance, change your PIN, mini statements, update profile, transaction history and do much more.

How to Close MobiCash Wallet?

Closing MobiCash wallet is very simple. If you are smartphone customer you just need to install Andriod or iPhone app. If you are using a basic phone you need to send SMS: CLOSESBMC** to 51516(for BSNL user) or 9418399999 (Other than BSNL user).

Make sure that your mobile wallet is empty while you are closing your MobiCash Wallet.

Positive and Negatives about MobiCash

Postive –

  • Prepaid Instrument misuse can be prevented.
  • No Smartphone user can also use this wallet.
  • Claim to be more secure.

Negative –

  • Complicated product compared to other mobile wallets.
  • Cash recharge is required.
  • You cannot link your bank account/debit card with this wallet.
  • More procedure and paperwork is required for KYC.

Overall it seems to be average product by SBI and BSNL.