Cellular firms launch money transfer via cellphone

TataCom, Idea Cellular along with HSBC Bank and UAE's telecom operator, Etilsat, launch a cell phone-based money remittance services to its subscribers. HT Correspondent reports.

Cellular companies are diversifying their sources of income. Two of India's leading telecom service providers Tata Communications and Idea Cellular along with HSBC Bank and UAE's telecom operator, Etilsat have launched a cell phone-based money remittance services to its subscribers.

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Tata Communications would provide the mobile commerce transaction backbone, while HSBC would be the banking channel for the funds transfer and disbursement in India with Mashreq as banking partner in UAE. Etisalat will provide security in money remittance.

"This will enable Indian immigrants in UAE to transfer money from their bank accounts using their mobile phones to directly into any designated bank account," said Pradeep Shrivatsava, chief commercial officer, Idea.