Axis Bank, an Indian private sector bank, has launched a new remittance service, Instant Money Transfer (IMT).

Axis Bank has partnered with Empays Payment Systems, the developers of this platform to launch this service.

The new remittance service will initially be available to the bank’s customers in Mumbai, Bangalore, Ahmedabad and Hyderabad. The service is expected to be rolled-out in entire country in the next four to six weeks.

Using IMT service customers of Axis Bank can make instant cash payments to a receiver anywhere in India at low cost.

The receiver need not be an account holder of Axis Bank, or for that matter any bank, all they need is a mobile phone that will be used to notify the receiver of the remittance.

Remitters can conduct the remittance using mobile, net banking and ATMs.