The Mobile Money Transfer (MMT) service, which allows remittance of money across international borders via SMS has been launched at 3GSM World Congress in Barcelona, reports Red Herring. In India, Bharti Airtel has tied up with the State Bank of India to pilot the service, which allows the remittance of money from anywhere in the world, via SMS.
There’s also a possibility of some International partnerships being extended to India as well: The GSMA and MasterCard are also planning to pilot the service in collaboration with local operators and banks, as per Red Herring. Vodafone has announced a partnership with Citigroup, and both companies have a presense in India.  Vodafone had piloted M-PESA in Kenya with its affiliate Safaricom. (Reuters)
The advantage of the system, points out Rob Conway, CEO of the GSMA, are that both the transaction time and the cost of transaction are reduced, and via text messages both the sender and receiver are informed of the completion of the transfer.
Related:
- Global Mobile Remittance Project In The Works