ICICI bank with the collaboration of a subsidiary of Tata Teleservices is going to launch a money transfer service in two cities in India. The service will be currently available in Mumbai and Delhi and gradually will be expanded to the remaining parts of the country.
In order to send the money, customers have to deposit cash along with an advice giving details of the account of payee at the retail store of MMP Mobo Wallet Systems, which will act as a business correspondent for the service and allows customers to transfer money for a nominal fee without opening an account.
Once the cash along with details of payee deposited, it will be then transferred to the bank account of the payee via electronic fund transfer mechanisms such as National Electronic Funds Transfer (NEFT) and Interbank Mobile Payment Service (IMPS).
Rajiv Sabharwal, Executive Director, ICICI Bank said:
This service will allow us to fulfill a basic need of the migrant population to remit money to their homes.
As per the ICICI, the service is said to be quick and completely secure, where the transactions are provided by the ICICI Bank and the distribution is done by MMP.