Mumbai: Leading cellular service provider,
Tata Indicom, in association with Corporation Bank and
PayMate, on Thursday announced the launch of ‘Green Money Transfer’-
a unique person-to-person mobile money transfer service.
"The transfer of funds via mobile will be facilitated
by PayMate’s technology, Corporation Bank’s banking system and
Tata’s PCO and True Value Shop (TVS) network," Tata
Teleservices (Maharashtra) Managing Director, Mukund Govind
Rajan, told reporters here.
Tata Indicom is the first Indian private telecom
operator to enter into a partnership of this nature wherein a
PCO/TVS is used as the initiation point for person-to-person
money transfer, Rajan said.
The service enables any mobile phone user to send or
receive money instantly using their mobile phone to authorise
the transfer. To initiate a transfer, the customer simply
needs to visit their nearest Green registered TATA PCO or TVS
and place a request for money remittance of upto Rs 5,000 to
any person across the country.
Similarly the recipient can also collect the
transferred amount by visiting the nearest Green TATA PCO or
TVS with a transaction authorisation code received from the
sender.
Green Money transfer service is primarily targeted at
the un-banked population of the country by providing them a
branch less banking service to send and receive money
effortlessly. The service is secure and speedy as compared to
other money transferring services available for remote access
areas at present.
"This facility is being proposed as an additional
service to the rural masses who can now receive remittance in
their bank account instantaneously and draw through business
correspondents at their own place," Corporation Bank's
Chairman and Managing Director, J M Garg, said here.
"It will enable the bank to augment customer
acquisition as well. This facility has been launched on a
pilot basis in Kerala which has a large migrant population. On
successful launch the facility will be spread to other areas,"
Garg said.
With over Rs 60,000-crore being remitted across the
country, "this presents a great opportunity for all of us to
tap into and we are confident that the service will redefine
the way financial services are approached," Paymate, Managing
Director & Founder, Ajay Adiseshann, said.
Bureau Report