ICICI Bank, India’s largest private sector bank and Vodafone India, one of India’s largest telecom service providers, announced a strategic alliance to launch a unique mobile money transfer and payment service called ‘m-pesa’.
The announcement was made by Chanda Kochhar, MD & CEO, ICICI Bank and Marten Pieters, MD & CEO, Vodafone India Ltd. ICICI Bank and Vodafone India through its 100% subsidiary, Mobile Commerce Solutions Ltd. (“MCSL”) have finalized plans to launch mobile payment services this year, under the brand name ‘m-pesa’.This offering will comprise: a mobile money account with ICICI Bank and a Mobile Wallet - issued by MCSL.
This innovative offering will give the customer a comprehensive service comprising:
- Cash deposit and withdrawal from designated outlets
- Money transfer to any mobile phone in India
- Range of mobile payment services including purchase of mobile recharge, recharge of DTH services and utility bill payments
- Money transfer to any bank account in India
- Payments at select shops
The partnership between ICICI Bank and Vodafone effectively leverages the strengths of Vodafone’s significant distribution reach and the security of financial transactions provided to customers by ICICI Bank. These services are made convenient using a vast network of authorized agents who will enable the customer
to deposit and withdraw cash in and from their account. By facilitating banking transactions at such agent locations, this alliance effectively delivers the last mile access in remote areas. The mobile payment service will be launched initially in the eastern region of the country viz. Kolkata, West Bengal, Bihar and Jharkhand and then will be rolled out to other parts of the country in a phased manner.
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