Tata Indicom, an Indian service provider, has partnered with Corporation Bank, and PayMate, a wireless transactions platform provider, to launched ‘Green Money Transfer’- a 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 public call operator (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 (up to INR5000) 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 authorisation code received from the sender.
The 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.
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