PayMate India Pvt. Ltd. has signed a deal with India-based telecommunications firm Tata Indicom and Mangalore-based Corporation Bank to launch a person-to-person mobile funds-transfer service in India, the India-based mobile-payments provider said this week.
The "Green Money Transfer" service enables consumers to send or receive funds instantly via mobile phones. "We have launched the service to enable the large unbanked population of the country to send and receive money across urban and rural India," a spokesperson for PayMate tells CardLine Global. "This service is a purely text- and [interactive voice response]-based service" that works on any handset and through any mobile operator.