Residents of Kerala staying in UAE can now transfer money without much ado. All they need is a mobile to transfer money. This has been made possible by an association of Tata communications, HSBC, Idea Cellular and UAE based service provider Etisalat. It recently launched a pilot project that will enable the transfer of money via mobile phones.
The consortium will launch the pilot project in Kerela, which has 5.7 percent of its population working abroad many of them in UAE. An estimated amount US $2billion is transferred. Under this project immigrant staying in UAE can transfer money from any bank via Etisalat as local service provider and HSBC as clearing bank. In India, Idea’s 27 lakh (2.7 million) subscribers in Kerela will use the service along with local bank branches.
The whole idea behind the project is to encourage multiple and frequent transfers. The operation, including processing and forex clearance is expected to cost less than other traditional channels and take less time. X