ICICI Bank Ltd.

ICICI Bank, India’s largest private sector bank, has entered into a strategic tie up with MMP Mobi Wallet Payment Systems, a 100% subsidiary of Tata Teleservices, one of the leading Mobile Network Operators in India, to launch a money transfer service. MMP will act as a business correspondent of the bank for this service which will allow customers to transfer money for a nominal fee without opening an account. 

Using this service, the customers can walk into a retail store of MMP to deposit cash along with an advice giving details of the account of the payee.  This money will then be transferred to the bank account of the payee using currently available electronic fund transfer mechanisms such as NEFT, IMPS etc.

The money transfer service will be launched in Mumbai and Delhi to begin with and then in other parts of the country. The partnership leverages strengths, acumen and the security of the financial transactions provided by ICICI Bank and the distribution reach of MMP.