Telecom company Reliance Communications and private financial institution ICICI Bank are close to offering money transfer services over mobile phones. The
The two companies have completed trial runs in metroes and leading circles across the country, according to sources close to the development.
The new service will enable ICICI Bank customers to transfer funds to other account holders registered with the financial institutions website.
A customer of the bank can transfer up to Rs 5,000 per transaction, using Reliance Communications’ pre- and post-paid services. The service will allow multiple transfers, enabling subscribers to transfer higher amounts to other accounts of ICICI Bank.
At present, ICICI Bank has over 24 million customers and Reliance Communications has around 37 million subscribers. The Anil Ambani group company’s m-commerce services include bill payments, railway and airline ticketing, shopping, auctions, movie and event ticketing among others.
Source: Business StandardÂ
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