Mumbai: Anil Ambani-led Reliance Communications on 6 September said it has launched a facility to transfer money through mobile phones across the country, along with ICICI Bank,the biggest domestic private sector lender.
“We believe M-commerce will be the next big thing. Our association with ICICI Bank brings a paradigm shift in the way money transfer business is conducted in India, which is predominantly being done through the banks and other agencies,” company’s head product development Anil Pande was quoted in a filing to BSE.
Under this initiative, ICICI Bank’s customers can transfer money anytime and anywhere in the country to people having an account in the bank using their Reliance mobile phones, it said.
It offers the subscribers of the company an easy-to-use alternative of account-to-account money transfer generally associated with banks. Money remittance market opportunity is estimated to be in the range of $24 billionannually, including global remittances to India.