ICICI Bank and MMP Mobi Wallet Payment Systems, wholly-owned subsidiary of Tata Teleservices, today announced a strategic tie up to launch a money transfer service. With the launch of this service, customers can walk into a retail store of MMP to deposit cash along with 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 and so on. 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.
“This 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.
The money transfer service will be launched in Mumbai and Delhi to begin with and then in other parts of the country.
