ICICI Bank ties up with MMP Mobi Wallet for money transfer biz.
ICICI Bank, one of the largest bank in India, has partnered with MMP Mobi Wallet Payments Systems, a Tata Teleservices subsidiary, to launch a money transfer service in two cities.
Under this service, customers can deposit cash into a retail store of MMP Mobi Wallet Payment Systems along with an advice giving details of the account of the payee, the bank said in a statement.
This money will then be transferred to the bank account of the payee using currently available electronic fund transfer mechanisms such as National Electronic Funds Transfer (NEFT) and Interbank Mobile Payment Service (IMPS).
The money transfer service will be launched in Mumbai and Delhi to begin with and will later extend the services to other parts of the country.