Tata Teleservices has signed a strategic tie-up with ICICI Bank, through its wholly owned subsidiary MMP Mobi Wallet Payment Systems to launch a money transfer service. As per the agreement, MMP has been appointed as a business correspondent of ICICI Bank for this service and consumers can walk into any retail outlet of MMP to deposit the cash and provide details of the payee, following which the money will be transferred to the bank account of the payee through existing electronic fund transfer mechanisms like NEFT and IMPS among others. While the financial details of the tie-up were not disclosed, Tata Teleservices stated that MMP will be enabling consumers to transfer money without opening an account and charging a nominal fee for the service. There is currently no word on the exact fee charged through the service. The operator also added that the service will be initially available in Mumbai and Delhi, followed by other parts of the country. mRupee Service: It's worth noting that MMP Mobi Wallet Payment Systems had received Reserve Bank of India's approval in December 2011, to offer a prepaid payment instrument called 'mRupee'. According to the company website, this service allowed users to send money to any mRupee wallet and bank account of their friends and family as well as make Tata Indicom and Tata Docomo bill payments and purchase prepaid recharges. The service had an initial one-time registration fee of Rs 80 and a mandatory cash-in of Rs 100 to open the wallet. It's currently not clear if this new…
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