Mumbai: Tata Indicom, a cellular service provider in India, in
association with Corporation Bank, and PayMate, a wireless transactions
platform provider, launched 'Green Money Transfer'- a unique
person-to-person mobile money transfer service.
Speaking at the launch, Lloyd Mathias, Chief Marketing Officer, Tata
Teleservices said, "Green Money Transfer is an industry-first and
enables anyone using a cell phone to transfer money in a safe and
flexible environment."
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 effortlessly. The service is secure
and speedy as compared to other money transferring services available
for remote access areas at present.
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 Indian private
telecom operator to enter into a partnership of this nature wherein
PCO/TVS is used as the initiation point for person-to-person money
transfer.
J.M.Garg, Chairman and Managing Director, Corporation Bank said, "This
facility is being proposed as an additional service to the rural masses
that can now receive remittance in their bank account instantaneously
and draw through business correspondents at their own place. This 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."
The service enables any mobile phone user to send or receive money
instantly using their mobile phone to authorize 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 (Upto Rs. 5000) 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 on the partnership, Ajay Adiseshann, Managing Director and
Founder, PayMate said, "Having realized the gap in the market for
people who seek easy, quick and convenient means of transactions, with
'Green Money Transfer' we offer a safe, reliable and secure system for
transfer of funds especially for the un-banked population in remote
access areas echoing the sentiments and mandate of the Government and
the Regulators. With over Rs.600 billion 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.
