The company has initiated talks with mobile operators and banks for the project that will enable money transfer from over 110 countries.
This follows a similar move by mobile services provider Idea Cellular last week, with the company announcing a pilot project to facilitate money transfer over mobile phones.
The Aditya Birla group company had joined hands with Tata Communications and UAE-based telecom service operator Etisalat for the project.
Reliance Globalcom is planning to cover 37 countries including the US, Canada, Europe, West Asia and India in first phase of setting up the global backbone. This would be extended to cover a total of 110 countries in the second phase, sources close to the development said.
However, when contacted, a Reliance Globalcom spokesperson declined to comment on the development.
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