As part of the service, UAE-based Indian immigrants can transfer money to their families based in India and the service would complement existing remittance channels and make transferring money internationally more affordable, Tata Communications said in a filing to the Bombay Stock Exchange.
In the first phase, this service would be extended to over 27 lakh subscriber base of mobile services operator Idea Cellular in Kerala. The facility also affords the sender the ability to easily track the transaction from remittance till such time the money reaches the recipient.
"We are certain that the convenience and ease of use of this new remittance service, will be a significant value add for our 27
lakh subscribers in Kerala," Idea Cellular Chief Marketing Officer Pradeep Srivastava said.
HSBC India would be the banking channel for the funds transfer and disbursement in India with Mashreq being the banking partner in the UAE.
UAE-based telecom service provider Etisalat would provide secure mobile remittance service while Tata Communications would be central hub of the service.
"Our dedication to the mCommerce space reinforces Tata Communications commitment to the continued development of new innovative value added services for mobile network operators," Tata Communications Global Data and Mobility Services President Vinod Kumar said.