You are here: Home » Finance » News » Others
Business Standard

Remit money in India without bank account

Muthoot Finance partners PayMate to launch money transfer service

Somasroy Chakraborty  |  Kolkata 

Now, you can transfer money across India without a bank account.

Gold financing company Muthoot today said has partnered mobile payment solutions company PayMate to launch a money transfer service in India.

"The service greatly simplifies the domestic money transfer process, at the same time meeting all the security and regulatory guidelines. Customers now no longer need to wait to open a bank account before transferring money, or form long queues outside financial institutions. Only the recipient needs to have an account," the company said in a statement.

Customers now need to walk into a Muthoot branch and fill out a form. After verification of the form details, a customer deposits the money to be transferred with the agent and receives an instant text message containing the transfer code along with a confirmation of the deposit amount. The money is then transferred to the bank account of the recipient.

The service is initially launched at Muthoot Finance's branches in Kochi and Mumbai. It plans to roll out the service across all its branches soon.
"Domestic remittance within India is a largely under-serviced market that represents a huge potential for growth. With a large and ever growing migrant population,, estimated to be over 100 million, sending money home for family maintenance, bill payment, etc. is set for strong growth," the company said.

First Published: Tue, October 09 2012. 10:04 IST