Axis Bank Goes Mobile with Idea Cellular

Axis Bank, India’s third largest private bank, and IDEA Cellular, the pan-India mobile operator, today announced the signing of a Memorandum of Understanding (MoU).

Whereby Idea will act as a ‘Business Correspondent’ of Axis Bank to provide an entire range of financial products and services offered by the Bank, through the mobile operator’s retail outlets.

The association will be flagged-off with a ‘remittance pilot’ between Dharavi in suburban Mumbai and Allahabad in Uttar Pradesh, which will enable money transfer using the mobile platform.

Talking about the project, Mr. Ambrish Jain, Director – Operations, IDEA Cellular said: “We are pleased to partner Axis Bank in its Financial Inclusion initiative through a pilot based on mobile-enabled low-cost banking service model. Idea’s mobile technology platform will enable the provision of a gamut of banking products and services to the end customer, and allow cash transactions at select Idea retail points.”

During the ‘remittance pilot’, a remitter in Dharavi will be able to remit money back home to his family in Allahabad, through the mobile platform.

The remitters have the option of remitting money to the beneficiary through either of the following routes:

·Through Account to Account Transfer whereby the remitter, having an account with Axis Bank, remits money to the beneficiary who also has an account with Axis Bank;

·Through the IMT module developed and provided by Empays Payments Systems whereby the remitter, having an account with Axis Bank, remits money to the beneficiary, who has a registered mobile connection, but need not have a banking account.

As a part of the association, IDEA Cellular will support Axis Bank’s Financial Inclusion initiatives whereby Idea will act as a Business Correspondent (BC) of Axis Bank and offer the entire range of financial products and services through its retail outlets that will act as Customer Service Points or CSPs.

Anbu John Boban December 15, 2010 at 8:32 pm

What an idea sirji! … with this idea enters with new ideas to banking sectors..

sud December 15, 2010 at 5:55 pm

Arun :
How can i recharge my airtel kerala number through SBI ATM. Plz help me…

Call @ 18004253800 from any mobile !!! They will help you step wise ..

Arun December 15, 2010 at 4:45 pm

How can i recharge my airtel kerala number through SBI ATM. Plz help me…

PD December 15, 2010 at 3:59 pm

MICKEY :
I THINK BSNL ALONG WITH SBI ALREADY HAVE GIVEN THIS TYPE OF SERVICE .

YES, Mickey. Now !dea too got this idea. All others will now follow the line. Then a common platform/entity will emerge. Look the ATM facility. Now one can use any ATM irrespective of one’s banking partner.

MICKEY December 15, 2010 at 3:47 pm

I THINK BSNL ALONG WITH SBI ALREADY HAVE GIVEN THIS TYPE OF SERVICE .

PD December 15, 2010 at 3:15 pm

A very interesting and a totally different type of VAS from “get idea fame- sirjee” !! I hope IMT – Instant Money Transfer (?) The second option needs further elaboration. The Account-Account transfer thru mobile is clear. and I think it is already prevailing. Does the second option mean that the the BC of Idea will pay hard cash (remittance) thru their CSPs ? ! If that is happened – It would be a evolutionary (!dea) step in finance sector. Also the scope and presence of of number of CSPs (only thru their gallery …and ….distributor/retailers chain too included?).
Also how much charges (fixed/recurring/unit) for this VAS ? This too would be a deciding factor for the large scale acceptance !

rajiev December 15, 2010 at 3:06 pm