Mobile Money Transfer Service22-OCT-2012 BY SADAT FARUQUE
What is Mobile Money Transfer (MMT) ?Mobile phone money transfer is theprocess of transmitting money fromone person to another through phoneactivation that can be ultimatelyhonoured with cash transactions bya financial or business institution.
Features of Mobile Money Transfer ?• Saves Time or Instant• Convenient• User Friendly• Available 24X7• Access Multiple Accounts• Recipient gets instant credit• High Mobility• Absolutely free of cost• Safe and Secure
What do you need to use MMT ?• A Bank account current or savings account• Your preferred mobile number registered with the bank• Mobile Money Identifier (MMID) - 7 digit number issued by the bank for your account. You will have different MMIDs for different accounts
How to Use MMT ?• First of all you need to download and install MMT application from the Net.• Login to your Mobile Banking application click on Banking > Payments > Other Banks. Select your bank account from which the amount is to be debited and enter the following details: 1. 10 digit mobile number of the beneficiary 2. 7 Digit MMID of the beneficiary 3. Amount you wish to transfer
Mobile Money Transfer in INDIA• This method is currently bank-led in India.• Only Banks are allowed to provide this service in collaboration with telecom service providers.• User’s need to register to avail this service and also need an account with the provide bank.
Mobile Money Transfer in INDIA• To make a payment, an SMS with the receiver mobile number and the transfer amount has to be sent through the SMS Gateway of the bank to which the customer is subscribed to.• This results in transferring of the amount from the sender’s bank account to the receiver’s bank account in the backend.• • Notification about the transaction on its completion is sent to the involved parties• • A successful transaction will be notified by an SMS to both parties.
Mobile phones for minutes transfer –An Alternative Approach• Involves using the existing mobile infrastructure to transfer money from payer to payee. The proposal is to use the existing infrastructure with very few changes so that it needs little or no intervention for its successful adoption. The following is an illustration of how it would look. A transaction is initiated by using the minutes transfer application with the following details: • Mobile number of the payee • Amount of minutes/money to be transferred
Banks and telecom industries providingthis service in INDIA• Vodafone and HDFC Bank Brings M- Paisa Mobile Money Transfer Service in India• Airtel and SBI launches mobile money service across India• Idea with Axis Bank Launch My Cash
Vodafone and HDFC Bank : M-PaisaMobile Money Transfer Service in India• It has successfully launched in the outskirts of Jaipur, Rajasthan.• Is available to every registered subscriber on the Vodafone network.• M-PAiSA service is absolutely FREE.• In an effort to take banking to millions of unbanked Indians by leveraging the extensive use of mobile phones
Using the M-PAiSA service customerscan -• Deposit/Send money via phone• Send money to any mobile phone user on another network• Receive money from other M-PAiSA customers• Withdraw cash at any authorized M- PAiSA agent• Check the last five transactions on your M-PAiSA account