Indian postal department has entered into a partnership with state-run telecom company BSNL in order to provide money order service using mobile phones.
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Consumers wishing to send money through this transfer service can send money of a value between INR1,000 ($.016) and INR5,000 using their mobile phone.
The sender will pass the PIN to the recipient through a text message and the postal department will also notify the receiver, who can receive the money at home or at the nearest post office on verification of the PIN received on his mobile.
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By GlobalDataThe recipient will have to provide ID to use this facility.
According to a spokesperson, the charges for mobile money transfer will be the same as for the usual money order, 5% of the remitted amount.
This new strategy involving BSNL can be seen as a new step in the evolution and spread of electronic payments in the Indian sub-continent.
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