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TATA Indicom partners with Corporation Bank and PayMate
By siliconindia
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Mumbai: Tata Indicom, a cellular service provider in India, in association with Corporation Bank, and PayMate, a wireless transactions platform provider, launched 'Green Money Transfer'- a unique person-to-person mobile money transfer service.
Speaking at the launch, Lloyd Mathias, Chief Marketing Officer, Tata Teleservices said, "Green Money Transfer is an industry-first and enables anyone using a cell phone to transfer money in a safe and flexible environment."
Green Money transfer service is primarily targeted at the un-banked population of the country by providing them a branchless banking service to send and receive money effortlessly. The service is secure and speedy as compared to other money transferring services available for remote access areas at present.
The transfer of funds via mobile will be facilitated by PayMate's technology; Corporation Bank's banking system and Tata's PCO and True Value Shop (TVS) network. Tata Indicom is the first Indian private telecom operator to enter into a partnership of this nature wherein PCO/TVS is used as the initiation point for person-to-person money transfer.
J.M.Garg, Chairman and Managing Director, Corporation Bank said, "This facility is being proposed as an additional service to the rural masses that can now receive remittance in their bank account instantaneously and draw through business correspondents at their own place. This will enable the bank to augment customer acquisition as well. This facility has been launched on a pilot basis in Kerala which has a large migrant population."
The service enables any mobile phone user to send or receive money instantly using their mobile phone to authorize the transfer. To initiate a transfer, the customer simply needs to visit their nearest Green registered TATA PCO or TVS and place a request for money remittance (Upto 
5000) to any person across the country. Similarly the recipient can also collect the transferred amount by visiting the nearest Green TATA PCO or TVS with a transaction authorization code received from the sender.
Speaking on the partnership, Ajay Adiseshann, Managing Director and Founder, PayMate said, "Having realized the gap in the market for people who seek easy, quick and convenient means of transactions, with 'Green Money Transfer' we offer a safe, reliable and secure system for transfer of funds especially for the un-banked population in remote access areas echoing the sentiments and mandate of the Government and the Regulators. With over 600 billion being remitted across the country, this presents a great opportunity for all of us to tap into and we are confident that the service will redefine the way financial services are approached."
5000) to any person across the country. Similarly the recipient can also collect the transferred amount by visiting the nearest Green TATA PCO or TVS with a transaction authorization code received from the sender.
Speaking on the partnership, Ajay Adiseshann, Managing Director and Founder, PayMate said, "Having realized the gap in the market for people who seek easy, quick and convenient means of transactions, with 'Green Money Transfer' we offer a safe, reliable and secure system for transfer of funds especially for the un-banked population in remote access areas echoing the sentiments and mandate of the Government and the Regulators. With over 600 billion being remitted across the country, this presents a great opportunity for all of us to tap into and we are confident that the service will redefine the way financial services are approached."