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Empays and Hal Cash International announce India Launch
The patented Hal Cash system permits anyone who has a bank account in one of the affiliated banks to make a payment from his account to a recipient using only the recipient’s mobile number as the destination identification. The sender does not need to know the account number or card number of the recipient, just the mobile number. The recipient can avail of cash from any of the ATMs of any of the affiliated banks with a card-less cash withdrawal transaction. The system has particular relevance for emerging markets such as India, where the number of mobile phones per capita far outstrips the availability of banking channels such as branches and ATMs, and where the under-banked and un-banked population is still very high. The system offers a genuine opportunity for local financial institutions to pool channels to reach the vast number of people who may not have access to banking. The India rollout is part of a larger global agreement between Empays and Hal Cash, under which Empays has rights to roll out the Hal Cash node in a number of emerging markets in the next few years. Axis Bank is the first affiliate in India. The service is branded IMT. Announcing the launch, Mr Ravi Rajagopalan, MD & CEO, Empays Payment Systems India, said, “We are excited at the launch of the platform in India. We have been big believers in the Hal Cash concept for a number of years and we were convinced that the concept belongs to the emerging markets. Today’s launch signifies a fulfillment of a dream. We are particularly proud that a respected bank like Axis Bank has chosen to partner with us on this journey as the first affiliate. We hope to welcome many more banks in India to our node”. Welcoming the launch , Mr Carlos Rodriguez Ugarte, Chairman, Hal Cash International, said, “For Hal Cash International it is a great step in our international expansion launching with Empays the IMT service in India. We are convinced of the tremendous potential of these services in India and are delighted to have Axis Bank as the first Indian bank joining the Hal Cash banking family through our Empays partners”. Hal Cash International is a consortium with six Spanish banks as shareholders created to develop the Hal Cash payment system. The Hal Cash system is fully operational in Spain on +12,000 ATMs from 10 affiliated banks and in 2010 is being launched in six countries in the Americas, Eastern Europe, Asia and Africa. The Hal Cash system is covered by international patents. More information at www.halcash.com/en About Empays Payment Systems Empays Payment Systems is based in London and Mumbai, and was founded by professionals with the vision of harnessing the spread and reach of mobile phones to create a payment system that would become an additional channel to regulated financial institutions and banks. More information is available at www.empays.com. IMT is a trade mark of Empays Payment Systems India Pvt Ltd. Hal Cash is a trademark of Hal Cash International, Madrid. Hal Cash is protected by patents in India. |
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