New Delhi: Another way to send and receive money is on its way. All set to revolutionize the entire process Mobile transfers were launched by the public sector giant ICICI Bank in collaboration with Reliance Communication (R-Com)

A person who is ICICI bank's customer and also has a R-Com's CDMA or GSM connection can send and receive money  using his mobile phone. Though currently in a nascent stage, this facility will get the much needed boost when Visa credit card and debit card holders will also be able to transact in this way by the end of this year. Visa has partnered with mCheck, HDFC Bank, Corporation Bank and ICICI Bank to extend its existing card-to-card Visa Money Transfer service to the mobile telecoms platform.

This mobile money transfer brings a lot of benefits to the customers. The charges for transferring money will be far lesser than those incurred while doing so with cheques, bank drafts, electronic funds transfers and money orders. Currently, this service is offered without any charge up to December this year and thereafter a telecom charge of Rs. 10 will apply. Using this facility, customers will be able to send or receive up to Rs. 5000 per day.

The person who wants to send money through his Reliance mobile phone has to select the R-World > Finance >Mobile Banking > ICICI Bank > Savings Account and then provide the details about the amount to be transferred and the account to which money has to be remitted. After sending the message the money will be transferred to the account mentioned. The person receiving the money will be informed via an SMS.

Currently this service is available only for ICICI Bank customers and money can be sent or received only in ICICI Bank accounts, that too with a transfer limit of Rs. 5000 in a single day.