Money transfer through mobiles

Do you think that money transfer or sending drafts are tedious? Mobile phones can now be used to send money to your loved ones.

The Global System for Mobile Association (GSM) has launched a new service called Mobile Money Transfer (MMT) which enables users to send money from anywhere in the world using SMS. Bharti Airtel has joined hands with SBI to launch a pilot programme that will eventually enable over 25 million Indians abroad to remit money to India through their mobile phones.

Announcing the initiative, Dayanidhi Maran, Minister for IT and Communication said, "The MMT program is a landmark initiative by GSMA to use the mobile phone as a device to reach increasingly greater economic and social benefits to the growing community of mobile users. The MMT programme is focused on catering to the needs of the large expatriate community of people from developing countries who live and work away from their homes and families and regularly remit money back to their families and loved ones."

Source: iSource