India’s National telecom backbone Bharat Sanchar Nigam Limited (BSNL) all set to launch unique mobile banking platform to help the mobile subscribers to transfer money electronically.
According to the Operator, It will be more helpful to send money instantly in rural parts of India wherein the Banking infrastructures is yet not good. This new service will be an SMS based services which will be deploy in association with India Post. With this service any one can send their money by just and SMS and the Receiver will be able to get the money with the SMS which content unique code at all post offices in across India.
To transfer the amount or send Money Order through BSNL’s Money Transfer Service,one can do that by visiting his nearest post office and can transfer the money through just an SMS. The SMS will contain a unique code which can be used by receiver to collect the money by showing the code at the nearest post office.
The service will save the time and money in terms of transaction cost as the SMS will reach in real time. Also this service will help people not having a proper address for physical delivery of the money order. While all this is only the first stage, the next stage is said to be to buy groceries with just an authorization from your bank in your phone and it is expected to cause a real revolution.
Mr R. K. Agarwal, BSNL Director for Consumer Mobility, stated that “BSNL Money Transfer platform had been test-piloted in Chandigarh and the company expects to roll out the service in association with the postal department, after getting the Reserve Bank of India’s approval”.