What you need to know about mobile money transfers

Salil Dhawan of Investment-Mantra.in evaluates Airtel Money -- a mobile money transfer service started by mobile service operator Bharti Airtel.

Technology has made our lives so very convenient. Mobile money transfer is one such concept in this direction which aims at providing the convenience of performing financial transactions using mobile handsets.

What is mobile money transfer?

Today, consumers have a variety of ways to send and receive funds or money transfers. Although using cash to send a money transfer is the most popular method for most people, more and more people want additional options: to send and/or receive funds on the Internet, over the phone, and now, on their mobile phones.

Mobile money transfer is simply another way to send money. It is a transfer of money to a receiver in which the funds are deposited into a mobile or 'virtual' wallet.

There are two ways to recharge your Airtel Money account:

a) Online recharge (Net banking) on www.airtelmoney.in

Click on easy load cash, provide your bank details and follow the instructions on screen to load cash in your account instantly. You can also recharge through Airtel Money self care account.

b) Retail outlet recharge

You can load cash at any authorised Airtel Money retail location. No one other than an authorised Airtel money retailer can load money into your account. For updated list of retail outlets , one can visit Airtel Money website.

Courtesy: Investment-mantra.in

About Airtel Money: Smart way of transferring money

On January 31, 2011, Bharti Airtel launched wallet service -- Airtel Money in the millennium city of Gurgaon. However on February 23, 2012, the company through its wholly owned subsidiary Airtel M Commerce Services Ltd (AMSL) announced the pan-Indian launch of its mobile wallet service -- Airtel Money.

Airtel Money is basically an account on your mobile phone. You can now deposit money (called 'loading cash') on to your Airtel Money accountand use this balance to pay for various products and services through a simple menu on your phone. You can send money to family & friends, recharge your prepaid mobile & digital TV, pay mobile / utility bills, book movie tickets, pay for your shopping (both at shops & online) and much more with Airtel Money.

Any Indian resident who is 18 years and above can apply for Airtel Money. Every person can have only one Airtel Money account in her/his name. Airtel Money works on any mobile model / handset. You do not need GPRS or a data plan. You just have to dial (STAR)400(HASH) and you will be able to use the menu.

Airtel Money: Account types

Airtel Money accounts are basically categorised into two accounts: Express Account and Power Account.

All customers who have a Power Account can send money. If you have an Express Account, you can visit the nearest Airtel Money outlet & submit your documents to upgrade to a power account.

Power account customers can send money to:

a) Other Airtel Money account holders (both express and power)
b) Any bank account (using NEFT)

Airtel Money: Account types

Airtel Money accounts are basically categorised into two accounts: Express Account and Power Account.

All customers who have a Power Account can send money. If you have an Express Account, you can visit the nearest Airtel Money outlet & submit your documents to upgrade to a power account.

Power account customers can send money to:

a) Other Airtel Money account holders (both express and power)
b) Any bank account (using NEFT)

Benefits of Airtel Money?

Convenience: Various payments can be made from anywhere, at anytime. No more waiting in queues or searching for exact change!

Easy to use: Using Airtel Money is as easy as making a call. All you have to do is dial (STAR)400(HASH) and use the simple interactive menu.

Safety: Every payment has to be confirmed with your secret four-digit mPIN. So even if you lose your phone, your money is still safe.  

Airtel Money: Limits and charges

In Airtel Money, maximum balance at any time for an express account is Rs 10,000 & for a power account it is Rs 50,000. You can load a maximum of Rs 10,000 per day in an express account & Rs 50,000 per day in a power account (subject to your account balance limit of course). However, in case you are loading cash at an Airtel Money outlet, then the maximum amount that you can load per day is Rs 5,000.

Is Airtel Money Secure?

When you register for Airtel Money, you will set your secret mobile personal identification number (mPIN). mPIN is required to authorise all your transactions and to get any account information. The mPIN is not stored anywhere on the phone or at any server. The transmission between you and the server is highly secure and is done using encryption mechanism ensuring highest safety and security standards.

The mPIN is known to the Airtel Money accountholder only. Even people at Airtel Money don't have access to your mPIN as it is stored in their system in an encrypted format. Your money will always be safe even if you accidentally lose your phone, so long as you have not disclosed your mPIN to anyone.

Airtel Money subscribers till now?

Airtel Money's initial pilot was in Gurgaon and the service was launched in Chennai in May 2011, followed by Delhi in June 2011. Airtel Money was handling around 1,665 transactions in April 2011, with the total transaction size of being Rs 1,56,456, at an average of Rs 93.97 per transaction. However, it should be noted that the service was available only as pilot in Gurgaon during that period.

Since the pan India launch of the service on Feburary 23 this year, slowly subscriber base is expected to expand as customers understand and adopt the concept slow realising its benefits.

Conclusion

The service is definitely one for customers to avail and experience. As from the feedback till date, the service is really fast safe and convenient.

Where can you use it?

Well, you can pay your electricity bills, gas, Airtel Mobile and Digital TV recharge, food, movie tickets, shopping. It even allows you to pay insurance premiums. Sending and receiving money using mobile phone is of course now a reality.