The Indian postal department, India Post, reportedly is partnering with Bharat Sanchar Nigam Limited (BSNL), a telecommunications company owned by the Indian government, to provide instant money transfers through cellular phones. Customers will be able to transfer funds between INR 1,000 (USD 16) and INR 50,000 (USD 797) by depositing money at a post office. Recipients of the money will be able to claim funds at other participating post office branches throughout India upon showing valid identification and a unique personal identification number (PIN) that will be provided through short message service (SMS)-also known as text messaging.
Money transfers will cost 5 percent of the transferred amount, which is the same price that India Post charges for money orders in the country.
As of March 2013, BSNL has USD 1.15 billion in total assets and 101 million mobile subscribers.
By Megan McGowan, Research Associate
About Bharat Sanchar Nigam Limited (BSNL)
Established in 2000, Bharat Sanchar Nigam Limited (BSNL) is an Indian state-owned telecommunications company headquartered in New Delhi, India. As of March 2013, BSNL has USD 1.15 billion in total assets and 101 million mobile subscribers.
Sources and Additional Resources:
 Department of Post Press Release: http://www.dopmobile.in/Overview.aspx
MicroCapital: “Airtel, Tanzania Postal Bank (TPB) Partner to Offer Mobile Banking Services,” October 29, 2013, https://www.microcapital.org/microcapital-brief-airtel-tanzania-postal-bank-tpb-partner-to-offer-mobile-banking-services/
MicroCapital: “Cambodia Post Bank Opens, Targets Micro-, Small and Medium-sized Enterprises (MSMEs),” October 14, 2013, https://www.microcapital.org/microcapital-brief-cambodia-post-bank-opens-targets-micro-small-and-medium-sized-enterprises-msmes/
MicroCapital: “Oxigen of India Unveils OxiCash Money Transfer Service,” May 17, 2013, https://www.microcapital.org/microcapital-brief-oxigen-of-india-unveils-oxicash-money-transfer-service/
MicroCapital: “Indian State of Andhra Pradesh, Bharat Sanchar Nigam Limited (BSNL) to Implement Mobile Money Service via Post Offices,” April 16, 2013, https://www.microcapital.org/microcapital-brief-indian-state-of-andhra-pradesh-bharat-sanchar-nigam-limited-bsnl-to-implement-mobile-money-service-via-post-offices/
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/