Vodafone India has partnered with HDFC Bank to
deploy its M-paisa mobile banking service in the north-western
Indian state of Rajasthan.
Selected Vodafone outlets in the Rajasthan
region will function as bank branches, enabling the network’s
customers to deposit money onto mobile wallets.
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The service will also allow consumers to
deposit and withdraw cash, send money to other mobile phones and
receive money from overseas onto their Vodafone mobile devices.
The telecoms provider said it hopes the
service will create opportunities for unbanked consumers to perform
basic banking transactions on their mobile phone.
Sunil Sood, director of business operations
for Vodafone India said:
“It is a great opportunity for a country like
India to improve financial inclusion through mobile banking. It is
a pioneering initiative modelled on the lines of Vodafone’s m-pesa
product running in three different countries of Africa, offering to
more than 17 million people basic financial services beyond the
reach of traditional banking.
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By GlobalData“With our reach and ability to connect
customers, we expect many millions of people to come into the
banking fold through this service”.
M-paisa is available at 2,200 retailers in 320
villages and 54 towns in the state of Rajasthan, with the hope of
making the service available throughout India in 2012.
