Reliance ties up with ICICI for money transfer

MUMBAI: Telecom giant Reliance Communications has joined hands with country's largest private lender ICICI Bank, enabling ICICI customers to transfer money anywhere in the country through Reliance mobile phones.

Customers can avail of the service at a transaction fee of Rs 10 and can do transactions up to Rs 5000 with multiple transactions in a day. However, the service will be free for an introductory period of 90 days, said the company.

''This will bring a paradigm shift in the domestic money transfer business, which is predominantly being done through the banks and other agencies. Given the booming mobile customer base in India, we believe M-commerce will be the next big thing,'' said Rcom head (product development) Anil Pande in a statement.

With the initiative, Reliance Communications, which is ranked as one of the top five most valuable telecom companies in Asia, is learned to have eyed the $24 billion money remittance market in the country.

''This initiative offers Reliance Communications subscribers a modern and easy-to-use alternative means of account to account transfer generally associated with banks and other agencies in the most talked about ''Money Transfer space'', said the company.