Reliance Communications launches Money Transfer on Mobiles

Reliance Communications Ltd has announced that it has launched "Money Transfer" through mobile phones across the country through it's tie-up with ICICI Bank. This initiative offers Reliance Communications subscribers a modern and easy-to-use alternative means of account to account transfer generally associated with, banks and other agencies, in the most talked about 'Money Transfer' space. 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 existing and potential customers can transfer money to their family and friends having an ICICI bank Account anytime, anywhere in the country using their Reliance Mobile Phones. With the objective of making Money Transfer available to the masses, this service is available on Reliance Mobile World enabled phones including the recently launched and hugely popular Reliance Classic range of phones starting from Rs 777(Black & White) to Rs 1234 (Colour Phones). In addition to reach, low cost, ease of use and faster delivery, the service has the potential to transform the Lives of 97% of the Indian population Living in the Reliance network area of 25000 towns and 6 lakh villages, to be fully connected by March 2008.

On the occasion of the launch of this service Mr. Anil Pande, Head Product Development of the Company 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."

The stock was trading at Rs.537.95, down by Rs.0.85 or 0.16%. The stock hit an intraday high of Rs.541.90 and low of Rs.530. The total traded quantity was 456490 compared to 2 week average of 919430.

Source : Equity Bulls

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