Reliance to introduce money transfer through mobile | india | Hindustan Times
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Reliance to introduce money transfer through mobile

india Updated: Aug 05, 2007 12:49 IST

Reliance mobile users will soon be able to send money orders through their handsets, with the company exploring tie-ups with financial institutions for the service that will see its about 1.5 lakh retail outlets doubling as collection points.

"We will launch a new service -- Mobile Money Order in Reliance mobiles, which will enable people to send and receive money through their handsets. About 1.5 lakh retail outlets of the company will act as collection points," Reliance Communications President (Applications, Solutions and Content Group) Mahesh Prasad told PTI.

The service is expected to be launched by the year end, he said, adding: "We are closely working with financial institutions and banks for introducing this service."

Reliance has a mobile subscriber base of over 31 million.

With this, the company is aiming to capture a significant market share in the Rs 5,000 crore Value-Added Service (VAS) industry.

"VAS currently contributes 10-15 per cent of the service providers revenues. The market for VAS is expected to reach Rs 5,000 crore by this year end from Rs 2,750 crore last year," Prasad said.

The company is also looking at various other verticals such as finance, e-medicine and advisory services among others for introducing VAS on its mobile network.

He said we are evaluating the possibility of developing regional content such as something that would be of interest to a farmer like prices of agri items at the local market.

VAS in the financial space may include information on loans, insurance schemes and collection of premium. Through e-medicine, customers in the rural areas would be able to locate primary medical centres and details of visiting doctors specific to their village.