India’s private sector lender ICICI Bank and telecom major Vodafone have rolled out a new mobile money transfer and payment service called M-Pesa in the southern state of Kerala.
According to Vodafone, M-Pesa will offer the unbanked and under-banked sections of the population access to financial services through mobile phone.
M-Pesa will leverage the combined strengths of Vodafone’s global expertise in the mobile payments domain in India including the security of financial transactions provided by ICICI Bank.
Vodafone said that the customers using the account will now be able to easily deposit and withdraw cash from designated outlets, transfer money to any mobile phone and remit money to any bank account in the country.
This service will now be available across 63 Tehsils, 14 Districts through 1800 trained authorized agents including 29 Vodafone exclusive stores in Kerala.
Vodafone India business head, Murali, said: "We are delighted to bring to Kerala, ‘M-Pesa’, a world class mobile banking service, in partnership with ICICI Bank. ‘M-Pesa’, is a safe, secure and convenient service to transfer money and make payments beyond the reach of traditional banking channels."