Moble-based money transfer service, the joint technological venture of India Post and Bharat Sanchar Nigam Limited (BSNL) was launched by Gurudas Kamat, the Union Minister of States for Communications.
BSNL already have web-based money transfer services like e-money order and instant money order. With majority of Indian having mobile phones, and with a network of hundred and fifty-five thousand post offices, it aim at reducing the cost of money order commission so that workers can easily send money back home.
[advt]The sender has to go to the nearby post-office to use the service. Mobile phones equipped with a special application will be provided to the post-office staff, in which the required data will be fed for the transfer. The sender and the receiver need to know the special code of transaction. For additional security purposes, an identification proof like a PAN card number is also required. The recipient can get the money in 10 minutes time upon sharing the code at the receiving post-office.
The application is highly secure and apart from the assigned personnel in the post-office, nobody else can touch those mobile phones.
For 8 weeks, this service will be available in Punjab and Bihar only, but, BSNL aims to make it available everywhere in India in two years.[source]