Technology Network

      Tata Indicom, in association with Corporation Bank and PayMate, has launched 'Green Money Transfer'- a person-to-person mobile money transfer service. 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.

      Customers can register for this service at a Green TATA PCO, TVS or with Corporation Bank. Upon registration, they will receive an mPIN to enable them to authorize the transaction.

Example:

• A sender in Mumbai goes to a Green Tata PCO or TVS and places a request of transferring Rs. 5,000 to his parents in Pune
• The sender hands over the cash to the Green Tata PCO or TVS. The PCO or TVS triggers an IVR call to the sender
• The sender enters his mPIN to authorize the transaction and gets a Transaction code on his mobile to be conveyed to the recipient.
• The recipient goes to the nearest registered Tata PCO or TVS and shares the transaction code.
• The PCO or TVS triggers an IVR call to the receiver who enters his/her mPIN to verify the transaction
• Once the verification is done the cash is handed over to recipient

The companies say Green Money transfer service is primarily targeted at the un-banked population of the country by providing them a branch less banking service to send and receive money effortlessly.

      Corporation Bank says this facility is being proposed as an additional service to the rural masses who 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 and will later spread to other areas.