To promote cashless digital transactions, South Indian Bank has introduced Aadhaar-based payment in its UPI mobile application — SIB M-Pay.

Unified Payment Interface enables all bank account-holders to send and receive money from their smartphones without entering the bank account information. Even non-customers of South Indian Bank can link any of their bank accounts in this mobile application.

Currently, the fund transfer is possible only if the virtual address (UPI ID) of the beneficiary is known to the user. With the latest addition in SIB M-Pay, the fund transfers can be made by just entering the Aadhaar number of the beneficiary. The amount will be credited directly to the beneficiary’s Aadhaar-linked bank account.

SIB M-Pay app is currently available in Android Playstore.

SIB M-Pay will be a major step in offering simple and efficient payment methods, as the country moves towards a “cashless society” and Aadhaar ID plays a key role in Digital India initiatives, said VG Mathew, MD and CEO of the bank.