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Mobile money transfer from Airtel
If you think that money transfer or sending drafts was tedious, you can now use your mobile phones to send money to your loved ones. The Global System for Mobile Association (GSM) has launched a new service called Mobile Money Transfer (MMT) which enables users to send money from anywhere in the world using short messaging services (SMS).
'The MMT program of GSMA will be particularly useful, as it will overcome the constraint of limited reach of the traditional retail banking infrastructure by enabling transfer of money through a simple SMS. MMT will thus be a simple, easy, expeditious and cost-effective way to remit money back home,' said Mr Maran. Indian operators are set to launch the service shortly.
Speaking on the contribution of cellular services in the growth of the global economy, Mr Maran said, 'I believe that in no other part of the world is the beneficial impact of the mobile phone as evident as it is in the case of India. Mobile services have now percolated down to the lowest income groups.
The MMT will also have the advantage of converting the mobile into a device for conducting financial transactions. It would give rise to the use of the mobile wallet. It could provide an opportunity to grow micro-finance disbursement and management.'
Mr Maran said that the Union Government would sort out any regulatory issues that may come in the way of launching the MMT services.
