Telecom major Vodafone India today said it has joined hands with ICICI
Bank to launch a mobile money transfer and payment service.
India through its 100 percent subsidiary Mobile Commerce Solutions and
ICICI Bank have finalised plans to launch mobile payment services this
year, under the brand name 'm-pesa'. The offering will comprise a mobile
money account with ICICI Bank and a Mobile Wallet issued by MCSL," the
companies said in a joint statement.
The service will be launched
initially in the eastern region - West Bengal, Bihar and Jharkhand, and
then rolled out in elsewhere in phases.
"There is a tremendous
potential for this product in India. This offering has been customised
to serve the Indian customer in compliance with all applicable
regulatory requirements," Vodafone India Managing Director and CEO
Marten Pieters said.
The facility will offer cash deposit and
withdrawal from designated outlets, money transfer to any mobile phone
in the country, and mobile payment services including purchase of mobile
recharge, recharge of DTH services and utility bill payments, money
transfer to any bank account in the country and payments at select
"This will help us reach out to segments that currently do
not have access to banking services, towards our objective of achieving
greater financial inclusion," ICICI Bank Managing Director and CEO
Chanda Kochhar said.