Tata Tele, ICICI Team Up For Money Transfer Service
New Delhi: Telecom operator Tata Teleservices (TTL) through its subsidiary MMP Mobi Wallet Payment Systems has tied up with ICICI Bank for money transfer service.
Under this service, people can deposit money in ICICI Bank account through MMP retail stores.
"Customers can walk into a retail store of MMP to deposit cash along with an advice giving 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 etc," a joint statement from TTL and ICICI Bank said.
MMP will act as a business correspondent for ICICI Bank for this service, which will allow customers to transfer money for a nominal fee without opening an account.
"This partnership between ICICI Bank and MMP to offer money remittance services is an important step in that direction. We see lots of synergies between the two brands and are confident that we would be the market changers in mobile remittance and payments services," TTL Managing Director N Srinath said.
The money transfer service will be launched in Mumbai and Delhi to begin with and then in other parts of the country, the statement said.
"The money transfer service will be launched in Mumbai and Delhi to begin with and then in other parts of the country," ICICI Bank Executive Director Rajiv Sabharwal said.