Airtel To Offer Money Transfer In India With Western Union, SBI
Money transfer service Western Union has inked a deal with GSM Association (GSMA), to offer its money transfer service via mobile. Initially 35 operators including India’s Bharti Airtel will offer the service, which is expected to be launched in the second quarter of 2008. India receives large volumes of remittances from migrants. Interestingly, the denomination of the money transfer is being kept rather low - at upto $100.
However, don’t get all excited yet - as Western Union CEO and President Christina Gold says here, the GSMA deal is a long term one, and dependent on mobile operators putting m-wallets in mobile phones. It’ll take time to get traction. In India, Airtel has tied up with State Bank of India (SBI) for the project, and it’s not clear whether Vodafone-Essar is among the operators. Globally, Voda has a tie-up with Citigroup for money transfer.
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Comments (4)
Oct 24, 2007 10:13 PM
airtel
Oct 25, 2007 1:14 AM
How will this work? I’m confused?! Will I get money on my mobile or will my brother send the money to a agent in my area and then i go there and collect it? Please help here.. with an example if possible
Oct 29, 2007 4:50 AM
AirTel m-wallet app hw it works..in details !!
Let me explain, how this M-wallet application works
*When you register u r fone nbr with bank account they will send u one PIN nbr .
*IT works on the bases of sms payment.
#regarding security:-
Every transaction has to be authorized by 4 digit PIN which is know only to you,the PIN needs to be sent form u r mobile nbr not some other ensuring tht u r the one authorizing the transaction.
*Every transaction also has a different 3 alphabet code or know as alpha code which is hard coded in to SMS and authenticated by the user. This add second layer of security apart form u r PIN.
Now what if u lose ur mobile .
Unless someone knows u r PIN there is no way u r lost or stolen fone can be misused for payments.
After every transaction ota(over the air) server will remind you not to store u r PIN in ur mobile sent items.
In case u lose u r mobile the first thing what u have to do is call 121 and get the SIM deactivated .once this is done fone is not capable of making payments in any case.
Ok now what if by mistake someone knows ur mobi nbr and PIN.
The person cannot do a transaction unless he or she has u r very mobile.PIN and alpha code authorizations must happen frm u r nbr.
Now u will be wondering is PIN confidential well let me tell u the PIN is auto generated frm Highly secure systems and is not know to any person other than u .
Hope this will help you and do join in AirTel Youth CLUB
http://www.orkut.com/Community.aspx?cmm=31506607
Oct 29, 2007 8:37 AM
AIRTEL AND SBI