2. What is Mobile Money Transfer (MMT) ?
Mobile phone money transfer is the
process of transmitting money from
one person to another through phone
activation that can be ultimately
honoured with cash transactions by
a financial or business institution.
3. Features of Mobile Money Transfer ?
• Saves Time or Instant
• Convenient
• User Friendly
• Available 24X7
• Access Multiple Accounts
• Recipient gets instant credit
• High Mobility
• Absolutely free of cost
• Safe and Secure
4. What do you need to use MMT ?
• A Bank account current or savings
account
• Your preferred mobile number
registered with the bank
• Mobile Money Identifier (MMID) - 7
digit number issued by the bank for
your account. You will have different
MMIDs for different accounts
5. How to Use MMT ?
• First of all you need to download and
install MMT application from the Net.
• Login to your Mobile Banking
application click on Banking >
Payments > Other Banks. Select your
bank account from which the amount
is to be debited and enter the
following details:
1. 10 digit mobile number of the
beneficiary
2. 7 Digit MMID of the beneficiary
3. Amount you wish to transfer
6. Mobile Money Transfer in INDIA
• This method is currently bank-led in
India.
• Only Banks are allowed to provide
this service in collaboration with
telecom service providers.
• User’s need to register to avail this
service and also need an account
with the provide bank.
7. Mobile Money Transfer in INDIA
• To make a payment, an SMS with the
receiver mobile number and the
transfer amount has to be sent
through the SMS Gateway of the
bank to which the customer is
subscribed to.
• This results in transferring of the
amount from the sender’s bank
account to the receiver’s bank
account in the backend.
• • Notification about the transaction
on its completion is sent to the
involved parties
• • A successful transaction will be
notified by an SMS to both parties.
8. Mobile phones for minutes transfer –
An Alternative Approach
• Involves using the existing mobile
infrastructure to transfer money from
payer to payee. The proposal is to
use the existing infrastructure with
very few changes so that it needs
little or no intervention for its
successful adoption.
The following is an illustration of how
it would look.
A transaction is initiated by using the
minutes transfer application with the
following details:
• Mobile number of the payee
• Amount of minutes/money to be
transferred
9. Banks and telecom industries providing
this service in INDIA
• Vodafone and HDFC Bank Brings M-
Paisa Mobile Money Transfer Service
in India
• Airtel and SBI launches mobile
money service across India
• Idea with Axis Bank Launch My Cash
10. Vodafone and HDFC Bank : M-Paisa
Mobile Money Transfer Service in India
• It has successfully launched in the
outskirts of Jaipur, Rajasthan.
• Is available to every registered
subscriber on the Vodafone network.
• M-PAiSA service is absolutely FREE.
• In an effort to take banking to
millions of unbanked Indians by
leveraging the extensive use of
mobile phones
11. Using the M-PAiSA service customers
can -
• Deposit/Send money via phone
• Send money to any mobile phone user
on another network
• Receive money from other M-PAiSA
customers
• Withdraw cash at any authorized M-
PAiSA agent
• Check the last five transactions on
your M-PAiSA account
