ICICI Bank Limited and MMP Mobi Wallet Payment Systems Limited, a 100 per cent subsidiary of Tata Teleservices Limited (TTSL), have launched a money transfer service.
The service permits customers to deposit cash at one of MMP Mobi Wallet Payment Systems? retail stores, along with the details of the recipient?s account. The money will then be transferred to the recipient?s bank account, using electronic fund transfer mechanisms such as National Electronic Fund Transfer, Interbank Mobile Payment Service etc.
MMP Mobi Wallet Payment Systems will act as ICICI Bank?s business correspondent for remittance service which will permit customers to transfer money for a nominal fee without opening an account.
The remittance services service has been launched in Mumbai and Delhi. It will be introduced in other cities in the next few months.
Commenting on the launch of the service, Rajiv Sabharwal, executive director, ICICI Bank, says, ?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.”N Srinath, managing director, Tata Teleservices, adds, ?MMP Mobi Wallet Payment Systems Limited aims to bring the same rigour in serving the financial needs of the citizens of India, in a quick, secure and reliable manner. This partnership between ICICI Bank and MMP to offer money remittance services is an important step in that direction. 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.?
