Tata Indicom in association with Corporation Bank and PayMate have announced the launch of ‘Green Money Transfe’- a person-to-person (P2P) 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 Indicom is the first private, Indian telecom operator to enter into a partnership of this nature wherein a PCO/TVS is used as the initiation point for P2P money transfer.
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 needs to visit their nearest ‘Green’ registered TATA PCO or TVS and place a request for money remittance (Upto Rs. 5000 ($110)) 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 authorization code received from the sender.
Speaking at the launch, Lloyd Mathias, CMO, Tata Teleservices, said, ‘This is a moment of pride for us, as we have become the first private telecom operator to enter into such a unique partnership and bring forth this fantastic proposition for our customers. ‘Green Money Transfe’ is an industry-first and enables anyone using a cell phone to transfer money in a safe and flexible environment. Being the leading operator in the PCO segment we wanted to leverage our strength and enable a highly efficient money transferring service for the customers even in remote areas and going forward we hope to extend more such m-commerce solutions for our customers.’
Green Money transfer service is primarily targeted at the un-banked population of the country by providing them a branchless banking service to send and receive money. The service is secure and speedy as compared to other money transferring services available for remote access areas at present.
‘Both the banking and telecom sectors have seen frenetic activity over the last couple of years,’ continues Ramesh Iyer, head, enterprise business, Tata Teleservices . ‘The mobile screen offers a new medium to banks to proliferate their services while opening up a new and innovative revenue stream for the telecom operators. This also translates into an excellent micro banking solution to the end consumer especially in the rural areas – a vital step towards accelerating financial inclusion.
It is a win-win partnership for the industry and the economy at large. The mobile screen is slated to change the way people transact and we at Tata Indicom are happy to partner and pioneer the revolution.’