Mumbai: Idea Cellular Limited Communications, Tata Communications, UAE's telecom services provider Etisalat and HSBC India, today announced the launch of a pilot with for a mobile phone-based, secure and convenient money remittance service to its subscribers in India.
As part of this service, UAE-based Indian workers abroad to transfer money, to their families in India.
The service will enable Indian expatriates in the UAE to transfer money to their relatives back home through Etisalat's secure Mobile Remittance service, with Tata Communications being the central hub for the service. HSBC India will be the banking channel for the funds transfer and disbursement in India with Mashreq being the banking partner in the UAE. The service will complement existing remittance channels and make transferring money internationally significantly more affordable. This is planned as a targeted service wf\ere the Mobile Money Transfer service will be made enabled on the India - UAE "corridor", covering the large Indian NRI community residing in the UAE.
In the first phase, this service which is jointly being launched with TATA Communications, Etisalat and HSBC India will be extended to the over 27 iakh subscriber base of IDEA Cellular in Kerala, the service will enable the expat Indian population in the UAE, to transfer money from their bank accounts using their mobile phones, directly into any designated bank account of an Idea subscriber residing in India, The facility also affords the sender the ability to easily track the transaction from remittance till such time as the money reaches the recipient.
"Studies have revealed that remittances have greatly influenced income, consumption and savings patterns in Kerala," said Pradeep Shrivastava, chief marketing officer, Idea Cellular Limited. "We are certain that the convenience and ease of use of this new remittance service, will be a significant value add for our 27 lakh subscribers in Kerala. Creating broad based financial empowerment to our subscribers, this mobile based service will be truly cost effective and path breaking, helping us further build on our leadership position in the Kerala circle."
Speaking for Tata Communications, Vinod Kumar, president, Global Data & Mobility Services, said, "This service is only the beginning of Tata Communications' plans to create a global hub for interoperability of all Mobile Commerce transactions. "Our dedication to the mCommerce space reinforces Tata Communications' commitment to the continued development of new, innovative value added services for mobile network operators."
Essa Af Haddad, chief marketing officer, Etisalat UAE, said, "This joint launch with Tata Communications and Idea Cellular is just the start of a comprehensive initiative to widen the scope of Etisalat's mobile commerce initiatives and we believe the convenience of the service will be a great attraction for the large Indian expatriate population here in the country, through its ease of use and lower transaction costs.We look forward to working closely with our partners to revolutionise the process of money remittance here in the UAE which will become the first country in the region to offer such a service."
"India is the leading recipient of worker remittances from various corridors across the world and this continues to grow at a rapid pace. We are leveraging our global presence and technology infrastructure to offer a cost-effective, convenient and reliable mode of money transfers to this increasing migrant population" said Neelesh Heredia Deputy Chief Executive Officer, HSBC India.
Douglas Beckett, head of retail banking in Mashreq Bank, said, "Mashreq has always been a pioneer in the UAE market with state-of-the-art and customer friendly products anjd services. We were the first bank in the UAE to introduce credit cards ATMs, traveler's cheques and many other services.It gives us great pleasure to work with major institutions like Etisalat, HSBC India, Tata Communications and Idea Cellular to develop this revolutionary new product. We will continue to work aggressively with our partners to ensure the success of this pilot and finalize the product for a full scale public launch. We can assure our clients that their money will be in safe hands until it has been received by their loved ones back home in India, and later on across the world".