Tata Indicom Green Money Transfer, a way of transferring of money instantly across the country, has just been launched. Tata Indicom has tied up with Corporation Bank and Paymate to launch Tata Indicom Green Money Transfer.
Tata Indicom Green Money Transfer works in a few simple steps.
(1) First, the sender and the receiver need to register for Tata Indicom Green Money Transfer at a Green Tata PCO or a Corporation Bank branch. You can transfer money only if you’re a registered customer. On registration, the sender and receiver get an mPIN (which will be a mobile PIN number, like ATM pin numbers).
(2) If you live in Mumbai, and want to send some money to your son in Delhi, walk into a “Green Tata PCO” or a Tata Indicom True Value Shop (TVS). Place a request for the Green Money Transfer. Hand over the money and your mobile number to the Green Tata PCO.
(3) You get an automated call (IVR) on your phone, asking you to type the mPIN. Type the mPIN. You get an SMS with the “transaction code” on your mobile phone.
(4) Communicate this “transaction code” to your son in Delhi, by SMS, phone call, or any other means. This transaction code is “secure”, which means no one else, even the guys at the Green Tata PCO or the True Value Shop have access to the code. Only you, the sender, and your son, the receiver have the transaction code.
(5) Your son goes to the Tata Indicom True Value Shop or a Green Tata PCO to receive the money you have transferred. He hands over the transaction code to the shop.
(6) Your son gets an automatic (IVR) call on his mobile phone, asking him to enter his own mPIN. Once the mPIN is entered, the transaction is authenticated. Tata Indicom hands over the cash to your son.
The registration for Tata Indicom Green Money Transfer is a one-time affair. Once you are registered, you can transfer money any time you want, in the procedure described above. The maximum amount you can transfer with Tata Indicom Green Money Transfer is Rs 5,000.
Tata Indicom hopes that Tata Indicom Green Money Transfer can bring the unbanked millions of Indians closer to the banking system. This, the company says, will result in better financial inclusion and economic freedom. Facts support the case for mobile banking in India, where there are millions on the countryside who don’t have bank accounts, but have a mobile phone instead. In many African countries, mobile phones have become an alternate banking tool for many people who don’t have bank accounts.
In India, Tata Indicom Green Money Transfer has been launched only in Kerala so far. A large number of Keralites work and live outside their home state, giving rise to what is called a “money-order culture”. If the pilot study proves successful, Tata will launch Tata Indicom Green Money Transfer across India.
A Tata Indicom press release about the launch of Tata Indicom Green Money Transfer said that this is the first time a mobile operator in India has launched such a mobile money transfer solution in India. Currently, large swathes of India’s rural population without access to banks have no choice other than to wait for the post man to arrive with the money order. Money orders are expensive, compared to practically free schemes like the Tata Indicom Green Money Transfer.
‘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,” said Lloyd Mathias, Chief Marketing Officer, Tata Teleservices Limited.
Corporation Bank, the banking partner in Tata Indicom Green Money Transfer sees this as an additional service to the rural masses who 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,” said the bank’s CMD J.M. Garg.
“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,” said Ajay Adiseshann, MD & Founder, PayMate.