Dear Comrades,
AHMEDABAD: To help people receive money at a faster speed, India Post recently launched two services - Instant Money Order (iMO) and Mobile Money Transfer Service (MMTS) - at city post offices. Though, the services began a few weeks ago, there has been only one transaction through MMTS in the past one month at Navrangpura head post office.
"We receive very few queries about iMO ever since it was launched. However, its acceptance level is quite low," said Rachna Dave, treasurer at the head post office.
People can send and receive money in minutes using these services provided the service is available at both the sender's and the receiver's ends. iMO is a web-based instant money transfer service between two individuals within India in which one can transfer up to Rs 50,000 whereas MMTS is a mobile-based service where one can transfer amount up to Rs 10,000. A minimum of Rs 1,000 and a maximum of Rs 50,000 can be sent through the iMO. The receiver can get payment in cash or through post office savings bank account in the same iMO office. "For getting money through any of the two services, the receiver has to show a government-approved identity card," said Dave. The services have already been launched in 6,600 post offices in 15 states. In Gujarat, these are available in 300 post offices, including 10 in Ahmedabad. MMTS has been launched in collaboration with BSNL and is available in post offices at GPO, Navrangpura, Maninagar, Revadi Bazaar, Shahibaug, Bodakdev, Narol, Paldi, Ellisbridge and Ambawadi Vistaar.
"Both iMO and MMTS are cheaper than regular money order and electronic money order (eMO). In case of eMO, receiver gets the money at his home whereas in iMO or MMTS he has to come to the post office concerned to get the money," said B R Joshi, senior postmaster, Navrangpura head post office.
How iMO works
Money can be sent from any iMO centre. A simple 'To Remit Payment' form is to be filled up and submitted along with the remittance amount and commission at the iMO counter. A printed receipt with a sealed computer-generated confidential 16-digit iMO number is issued to the remitter. The number has to be conveyed by the remitter to the payee by phone, SMS, e-mail or any other means. The payee can collect money from any iMO post office, other than office of booking, on presentation of the 16-digit number and a photo identity proof. While receiving money the payee will have to fill 'To Make Payment' form.
How MMTS works
A sender deposits the money at the post office where the service is available. A transaction ID is generated and sent as an SMS to both the sender and the recipient from the designated India Post mobile handset. A secret code is sent to the sender which is orally passed on to the recipient. The service providers deduct a commission of Rs 45 to Rs 112 for transfer of Rs 1,000 to Rs 10,000. The recipient then visits the post office where the service is available, shows the SMS at the counter and receives the money after filling a form, giving secret code. The recipient has to show the mobile message and an address proof.
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