Tata Indicom, India’s leading cellular service provider, in association with Corporation Bank, and PayMate, India’s leading wireless transactions platform provider, 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 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.
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 (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 at the launch, Mr. Lloyd Mathias, Chief Marketing Officer, Tata Teleservices Limited, 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 Transfer’ 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 effortlessly. The service is secure and speedy as compared to other money transferring services available for remote access areas at present.
On the launch of the service, Shri J. M. Garg, Chairman & Managing Director Corporation Bank said, “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. 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. On successful launch the facility will be spread to other areas.”
Speaking on the occasion, Mr. Ramesh Iyer, Head-Enterprise Business, Tata Teleservices (Maharashtra) Limited said, “Both the banking and telecom sectors have seen frenetic activity over the last couple of years. 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.”
Speaking on the partnership, Ajay Adiseshann, MD & Founder, PayMate said, “PayMate has always been at the fore-front of innovations in M-commerce. 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 (12.75 billion USD) 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.”
Simple steps for person-to-person mobile money transfer
Customers can register for this service at a Green TATA PCO, TVS or with Corporation Bank. Upon registration, they will receive an mPIN to enable them to authorise the transaction.
1. A sender in Mumbai goes to a Green Tata PCO or TVS and places a request of transferring Rs. 5000 to his parents in Pune
2. The sender hands over the cash to the Green Tata PCO or TVS. The PCO or TVS triggers an IVR call to the sender
3. The sender enters his mPIN to authorize the transaction and gets a Transaction code on his mobile to be conveyed to the recipient.
4. The recipient goes to the nearest registered Tata PCO or TVS and shares the transaction code.
5. The PCO or TVS triggers an IVR call to the receiver who enters his/her mPIN to verify the transaction
6. Once the verification is done the cash is handed over to recipient.