EFT Report, Kolkata: ICICI Bank, India’s largest private sector bank and Vodafone India, one of India’s leading telecommunications service providers, today announced the successful launch of "M-Pesa"—a unique mobile money transfer and payment service. M-Pesa is the trademark of Vodafone. The service was launched in Kolkata by Rajiv Sabharwal, Executive Director, ICICI Bank and Marten Pieters, MD & CEO, Vodafone India Ltd.
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 8300 specially trained authorized 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 at their convenience:
• 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
• Participate in e-commerce/m-commerce.
How does it work?
Registering for M-Pesa is easy and simple. 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 get activated immediately and the customer can do a variety of transactions like cash deposit, transfer money to any bank account, money transfer to any other M-Pesa customer, recharge mobiles & DTH, pay mobile and utility bills. Once the documents are verified and approved by MCSL and ICICI Bank the customer can do other transactions viz. cash withdrawal and sending money to any mobile number.
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 8300 specially trained authorized agents and will soon be rolled out across the country in a phased manner.
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| ICICI Bank, Vodafone Launch ‘M-Pesa’ |
• 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
• Participate in e-commerce/m-commerce.
How does it work?
Registering for M-Pesa is easy and simple. 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 get activated immediately and the customer can do a variety of transactions like cash deposit, transfer money to any bank account, money transfer to any other M-Pesa customer, recharge mobiles & DTH, pay mobile and utility bills. Once the documents are verified and approved by MCSL and ICICI Bank the customer can do other transactions viz. cash withdrawal and sending money to any mobile number.
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