Vodafone India to partner with ICICI Bank to launch M-Pesa services
Vodafone India has partnered with ICICI Bank to launch a mobile money M-Pesa services in India.
Mobile money payment services have proved particularly popular in Africa as an alternate way of holding a traditional bank account for users.
Through Vodafone India’s Mobile Commerce Solutions (MCSL) subsidiary, together with ICICI Bank, the partnership will launch mobile payment services this year, under the M-Pesa brand.
It will allow customers to cash deposits and withdrawals for outlets in India, and allow for money transfer to any mobile phone in India. The service will also allow for a range of mobile payment services, including purchasing credit, recharging DTH services and pay utility bills.
The collaboration will leverage Vodafone’s widespread distribution network, in addition to providing security of financial transactions to ICICI customers.
The payment service will initially be rolled out in the east of India, across Kolkata, West Bengal, Bihar and Jharkhand, with the aim of launching in other parts of the country.