Top Story

e4m_logo.png

Home >> Digital >> Article

Vodafone India and ICICI Bank launch M-Pesa

18-April-2013
Font Size   16
Vodafone India and ICICI Bank launch M-Pesa

Vodafone India and ICICI Bank have joined hands to launch ‘M-Pesa’, a mobile money transfer and payment service. M-Pesa, which is being launched initially in the eastern parts of the country, effectively leverages the combined strengths of Vodafone’s global expertise in the domain of mobile payments and significant distribution reach in India plus the security of financial transactions provided by ICICI Bank. It is initially being offered in Kolkata, West Bengal, Bihar and Jharkhand through over 8,300 specially trained authorised agents and will soon be rolled out across the country in a phased manner.

The innovative use of mobile technology makes it possible for customers to enjoy a fast, simple and secure way to transfer money and make payments. Using their M-Pesa account, customers can deposit and withdraw cash from designated outlets, transfer money to any mobile phone in India, remit money to any bank account in India, make payments to recharge mobile, clear utility bills and for DTH service subscription, shop at select shops and participate in e-commerce/m-commerce.

Speaking on the development, Marten Pieters, Managing Director & CEO, Vodafone India said, “Mobile technology has a critical role to play in servicing the unbanked and underserviced sections of the society. Using M-Pesa, we will provide people in remote areas a convenient way to bank, transfer money and make payments in a safe and secure manner. We have customised our offering to serve the needs of Indian customers while ensuring its compliance with all applicable regulations.”

Rajiv Sabharwal, Executive Director, ICICI Bank added here, “With the launch of M-Pesa, ICICI Bank now offers a unique and innovative service that provides basic banking facilities to millions of Indians who still depend on informal channels for their banking needs. This launch is line with the Bank’s objective of achieving greater financial inclusion. It also enriches the Bank’s existing suite of mobile banking offerings.”

In order to register for M-Pesa, Vodafone customers need to visit an M-Pesa agent outlet, fill up a form, submit identity, address proofs and deposit a minimum amount along with it to open their M-Pesa account. The MCSL Mobile Wallet gets activated immediately and the customer can do a variety of transactions.
 

Tags Vodafone India ICICI Bank m-pesa Marten Pieters Rajiv Sabharwal

Vijay Mansukhani, speaks to exchange4media about the resurgence of Onida, the scope of growth of consumer electronics market in India and the reasons why Indian consumer electronics brands don’t compete on a global scale

Projjol Banerjea opens up about hiring Anne Macdonald and GroupM's Rob Norman, and the brand's new identity

Meera Iyer tells exchange4media that in FY 2016/17, bigbasket clocked a revenue of Rs 1,400 crore. The online supermarket currently stands at 70,000 orders a day, with operations in 25 cities.

CMO, Kashyap Vadapalli on the start-up’s marketing play, why it has decided to stay away from IPL and response to its furniture rental apps

In an exclusive data shared with e4m, Pan Masala/Zarda/Gutkha had the highest jump of 185 per cent in terms of ad volumes in the first 14 matches

Bose, who has a career spanning over two decades, was DNA’s Editor-in-Chief. He has previously been associated with the India Today Group

Vijay Mansukhani, speaks to exchange4media about the resurgence of Onida, the scope of growth of consumer electronics market in India and the reasons why Indian consumer electronics brands don’t compe...