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November 29, 2013updated 04 Apr 2017 4:09pm

Post office launches money transfer service in India

India's postal department has launched a mobile money transfer service claiming to reduce transfer time within the country.

By Isabella Grotto

India’s postal department has launched a mobile money transfer service claiming to reduce transfer time within the country.

The ‘Mobile money transfer service’ scheme will enable customers to send and receive transfers within minutes, claims the company, by accessing the scheme through one of the 207 participating post offices.

A customer commented on the service: "I transferred INR2,000 ($32) to a relative in Chromepet. I was able to finish the process of booking, getting the unique code and telling my relative the code in 15 minutes."

Upon depositing money at the post office, customers are issued a transaction ID and both the sender and the receiver of the transfer are contacted by SMS.

Explaining the process following the transfer, an official said: "We then provide a unique code to the sender who has to inform the recipient.

"The receiver can visit the nearest post office and show the text message and the unique code, to get the money. This process takes only a few minutes," he added.

Currently limited to INR10,000, customers pay between INR45 and 112 for the service, provided by the post department in conjunction with Bharat Sanchar Nigam Limited, a state-owned telecommunications company headquartered in New Delhi.

Mervin Alexander, postmaster general for the Chennai city region, commented: "We want to tap customers who want to transfer small amounts, especially in rural areas, and draw customers who largely use banks for money transfers.

Postal staff members have been provided with a handheld device to carry out the transactions," he added.


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