Indian cellular service provider Tata Indicom is enabling a unique person-to-person mobile money transfer service in the country.

This project is being rolled out in association with Corporation Bank and PayMate, India major wireless transactions platform provider. The “Green Money Transfer,” or the transfer of funds via mobile, will be facilitated by PayMate technology, Corporation Bank banking system and Tata PCO and True Value Shop, or “TVS,” network.

Any mobile phone user can now send or receive money instantly using their mobile phone to authorize the transfer. They can visit their nearest Green registered TATA PCO or TVS and request money remittance of up to 5000 rupees to any person across the country. The recipient can collect the funds from the nearest Green TATA PCO or TVS. A transaction authorization code received from the sender is required to get the money.

Lloyd Mathias, chief marketing officer, Tata Teleservices (News - Alert) Ltd., said that the company has become the first private telecom operator to enter into such a unique partnership, which will bring a fantastic proposition for its customers.

This initiative is primarily targeted at the un-banked population of India and the partners aim to provide them a branchless banking service to easily send and receive money.

J. M. Garg, chairman & managing director Corporation Bank, said this facility has been launched on a pilot basis in Kerala and will later be used for other areas.

According to Ramesh Iyer, head-enterprise Business, Tata Teleservices, Maharashtra, mobiles enable banks to proliferate their services while opening up a new and innovative revenue stream for the telecom operators.

They are offering an excellent micro banking solution to the end consumer especially in the rural areas and it is a win-win partnership for the industry and the economy at large. Iyer said the mobile screen will change the way people transact and Tata Indicom is pleased to partner and pioneer the revolution.

“With over Rs. 600 billion ($12.75 billion) being remitted across the country, this presents a great opportunity for all of us to tap into and we are confident that the service will redefine the way financial services are approached,” Ajay Adiseshann, marketing director & founder, PayMate, said.