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RCom Ties Up With Times Financial Services For Money Transfer

Times Financial Services (TFS) has tied up with Reliance Communications International (RCI), the US based subsidiary of Reliance Communications (RCOM) to offer mobile remittance services, reports ET. The alliance apparently allows users to remit money from bank to bank while on the move. RCom currently offers Reliance Global Calling services. This alliance has been inked shortly after money transfer service Western Union tied up with the GSM Association, including Airtel in India. Within India, RCom is piloting money transfer with ICICI bank and Airtel with the State Bank of India. Vodafone (NYSE: VOD) has a global tie-up with Citibank. Interestingly, there aren’t any inter-mobile operator tie-ups yet…which would take remittance service providers out of the picture. The other thing is that all transactions appear to be bank to bank, and not terminating in an operators account – so it’s not about banking the unbanked.

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