The process of currency exchange in Bangalore in MMT is similar to the standard system of money transaction. It involves a simple virtual process as opposed to the paper work in the traditional form.
You need to first create a virtual account with the details of the bank account followed by an activation process. Once activated your mobile phone transforms into a Mobile Wallet or M-Wallet. Once the mobile account is in place, transaction can start immediately.
Any transaction that you process through your mobile phone is termed as M-Transaction. You can pay your shopping bills, food bills or transfer money using Mobile Currency exchange facility.
The various methods of currency exchange using mobile include:
Mobile to Mobile: In this method both parties must have the mobile wallet facility to transfer money
Mobile to Bank: In this version money can be transferred from a mobile wallet to the beneficiary’s bank account
Bank to Mobile: This method enables currency exchange from bank account to the beneficiary’s mobile wallet