Transfer Money Via Reliance Mobile Phones

Reliance Communications has launched “Money Transfer” through mobile phones across the country through it’s tie- up with ICICI Bank.

This initiative offers Reliance Communications subscribers an alternative means of account to account transfer generally associated with banks and other agencies. Money Remittance market opportunity is estimated to be in the range of $24Billion annually including global remittances to India.

Through this arrangement, ICICI Bank’s customers can transfer money to others having an ICICI bank account anytime, anywhere in the country using their Reliance mobile phones.

This service is available on Reliance Mobile World enabled phones including the recently launched Reliance Classic range of phones starting from Rs. 777 (Black and White) to Rs. 1234 (Colour Phones).

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Anil Pande, Head Product Development , Reliance Communications said, “India is the fastest growing market in the world with a large mobile customer base and is also the world’s highest receiver of remittances. In this context we believe M-commerce will be the next big thing. Our association with ICICI Bank brings a paradigm shift in the way domestic Money Transfer business is conducted in India, which is predominantly being done through the banks and other agencies.”

ICICI Bank’s Reliance mobile customers can go to the ‘Finance’ section > R World> Mobile Bank>M Banking>ICICI Bank>Saving Account to avail of this offer. The customers would be charged a mobile transaction fee of Rs.10 and can transfer up to Rs. 5000 with multiple transactions in a day. However the service will be free for an introductory period of 90 days.