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ShareMumbai: Leading cellular service provider, Tata Indicom, in association with Corporation Bank and PayMate, today 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, toldreporters 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 Rs5,000 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, JM 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 Rs60,000 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 and founder, Ajay Adiseshann, said.
