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Reliance intros money transfer via mobile

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CIOL Bureau
New Update

MUMBAI, INDIA: Reliance Communications has announced the launch of ”Money Transfer” through mobile phones across the country through it’s tie- up with ICICI Bank.

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This initiative offers Reliance Communications subscribers an easy-to-use alternative means of account-to-account transfer generally associated with, banks and other agencies, Reliance said in a release.

Anil Pande, head product development, Reliance Communications, said, “In this context we believe M-commerce will be the next big thing. Our association with ICICI Bank brings a paradigm shift in the way domestic Money Transfer business is conducted in India, which is predominantly being done through the banks and other agencies.”

Money Remittance market opportunity is estimated to be in the range of $24Billion annually including global remittances to India.

Through this arrangement, ICICI Bank’s customers can transfer money to their family and friends having an ICICI bank account anytime, anywhere in the country using their Reliance Mobile Phones.

This service is available on Reliance Mobile World enabled phones including the recently launched Reliance Classic range of phones starting from Rs 777 to Rs 1234.

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