Axis Bank has partnered with UAE Exchange and Financial Services, the remittances and currency exchange subsidiary of the UAE Exchange group, to extend its mobile based Instant Money Transfer (IMT) for cross border inward remittances.

The company claims that this service is the first of its kind for mobile remittances and will allow NRIs to send money to a registered mobile number of their choice in the country, by using any of Xpress Money’s 135,000 locations present in over 125 countries. It claimed that recipients will have instant access to this money and they can withdraw it from any of the 10,000 Axis Bank ATMs by using the codes sent to their registered mobile number.

Limitations: That being said, there are some limitations to the service. Users can receive only a maximum 30 remittance transactions in a year and the remittance has to be in multiples of Rs. 100 up to a maximum of Rs 18,000 per transaction.

Instant Money Transfer: In September 2010, Axis Bank had partnered with Empays Payment Systems to launch Instant Money Transfer (IMT), a mobile based domestic remittance service for its customers in India. This service allowed bank customers to make instant money transfers to any receiver in the country on their mobile number, who can then withdraw money from any Axis Bank ATM irrespective of whether he has an Axis bank account or not.

Similar developments: In May 2012, Axis Bank had partnered with Airtel to launch ‘Airtel Money Super Account powered by Axis Bank’, which essentially offered a no-frills account with the Bank on Airtel’s mobile platform and offered cash withdrawals to Airtel Money customers in Mumbai, Delhi, East UP and Bihar.

Last week, Blackstone backed mobile financial services firm FINO had acquired Nokia Money service in India to launch a prepaid mobile payment service ‘Takatak Money’ which focus on prepaid payment services and offer services such as money transfers, utility bill payments, mobile and DTH recharges among others. FINO had claimed to have a network of 31000 transaction points across 50,000 villages.

By Vikas SN & Aman Rai