Dear Comrades,
The Department of Posts (DoP) has launched the mobile-based money transfer service by Post Offices for quicker transfer of money from one city to another.
The service will be operated by DoP with technological support from BSNL.
The service has been launched between Punjab and Bihar Postal Circles for transfer of money up to Rs50,000. The complete roll-out throughout the country would be completed in eight weeks.
People intending to use the service would have to go to the Post Office which will provide them a unique PIN code after the transfer of money. The sender would have to send the PIN to the recipient through a text message who would be home delivered the money after verification of the PIN on his mobile. The recipient could also go to the Post Office and collect the money.
To speed up the money transfer service, the DoP had introduced Electronic MO and Internet MO and that the mobile MO is the third such service.
The DoP also proposes to interconnect all the 1,55,000 Post Offices in the country to subsequently introduce Core Postal Service. The department would also introduce the PO Savings Bank for which the mandatory clearances are being sought.
The charges for mobile money transfer will be the same as it is on the traditional money order-5% of the remitted amount.
June 01, 2011 04:16 PM Moneylife Digital Team
