A unique person-to-person mobile money transfer service ‘Green Money Transfer’ is being launched by Tata Indicom, India's leading cellular service provider. The service will be launched in association with Cooperation Bank and PayMate, India's leading wireless transactions platform provider.
The PayMate technology, Corporation Bank’s banking system and Tata’s PCO and True Value Shop (TVS) network will enable transfer of funds via mobile. Tata Indicom is the first private telecom operator in India to enter into such partnership wherein a PCO/TVS is used as the start point for person-to-person money transfer.
With the launch of this service any mobile phone user will be able to send or receive money instantly using their mobile phone authorized to transfer. To transfer funds, the customer has to simply go to the nearest Green registered TATA PCO or TVS and place a request for money remittance (Upto Rs. 5000) to any person across the country. Likewise the recipient can collect the transferred money at the nearest Green TATA PCO or TVS with a transaction authorization code received from the sender.
During the lunch, 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."
The aim behind launch of Green Money transfer service is mainly to target the un-banked population of the country to provide branchless banking service for them to send and receive money easily. In comparison to other money transferring services provided for remote access areas, this service is secure and speedy.
Speaking at 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 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. On successful launch the facility will be spread to other areas."
At the launch 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."
At the launch speaking about 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."
To use the service simple steps are to be followed:
Customers have to register for this service at a Green TATA PCO, TVS or with Corporation Bank. After getting registered, they will be given mPIN to enable them to authorize the transaction.
The procedure of transfer of funds:
1. Sender in Mumbai visits a Green Tata PCO or TVS and places a request for transfer of Rs. 5000 to his parents in Pune.
2. The sender hands over the cash to Green Tata PCO or TVS. The PCO or TVS triggers an IVR call to the sender.
The sender enters mPIN to authorize the transaction and a Transaction code is displayed on his mobile to be conveyed to the recipient.
The recipient visits nearest registered Tata PCO or TVS and shares the transaction code.
The PCO or TVS triggers an IVR call to the receiver who enters his/her mPIN to verify the transaction
6. After verification the cash is handed over to the recipient.
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