ICICI Bank and Tata Teleservices’ subsidiary to launch money transfer service

Telecom Lead India: ICICI Bank and Tata Teleservices’ subsidiary MMP Mobi Wallet Payment Systems will launch money transfer service.

The tie up enables customers to deposit cash at MMP retail store along with an advice giving details of the account of the payee. This money will then be transferred to the bank account of the payee using currently available electronic fund transfer mechanisms such as NEFT, IMPS etc. MMP will act as a Business Correspondent of ICICI Bank for this service which will allow customers to transfer money for a nominal fee without opening an account.

Both the companies are planning to launch the money transfer service in Mumbai and Delhi initially.

“ICICI Bank has always harnessed technology to introduce safe, reliable and convenient banking services. This innovative service will allow us to fulfill a basic need of millions of customers especially the migrant population to remit money home,” said Rajiv Sabharwal, executive director, ICICI Bank.

N Srinath, managing director, Tata Teleservices said: “We see lots of synergies between the two brands and are confident that we would be the market changers in mobile remittance and payments services.”

MMPL has obtained a license from RBI to offer prepaid instruments services in India. MMPL will offer these services over mobile technology thus serving the financial needs through the reach of mobile services.

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