Axis Bank launches Instant Money Transfer

Instant Money Transfer (IMT), an innovative remittance service, is first such offering by a bank in the country. The platform has been developed by Empays Payment Systems, an Axis Bank release said here.

IMT will currently be available to Axis Bank customers in Mumbai, Bangalore, Ahmedabad and Hyderabad. A pan-India roll-out is expected in the next 4-6-weeks, it said. IMT enables customers of the bank to make instant cash payments to a receiver anywhere in India at a very low cost. The receiver need not be an account holder of Axis Bank or for that matter any bank. All that is needed is a mobile phone which will be used to notify the receiver of the remittance, the release said.

The receiver needs to go to the nearest Axis Bank ATM and withdraw the money. The service can be availed using mobile, netbanking and ATMs. IMT has been conceived and developed by Empays Payment Systems in partnership with Hal Cash, an innovative payment system built and operated in Spain by a consortium of eight Spanish banks.