Vodafone, ICICI Bank launch m-money transfer | business | Hindustan Times
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Vodafone, ICICI Bank launch m-money transfer

Vodafone and ICICI Bank on Wednesday jointly launched mobile money transfer and payment services in Bengal, Bihar and Jharkhand. HT reports.

business Updated: Apr 17, 2013 22:30 IST
HT Correspondent
HT Correspondent
Hindustan Times
Vodafone India,ICICI Bank,mobile money transfer and payment

Vodafone and ICICI Bank on Wednesday jointly launched mobile money transfer and payment services in Bengal, Bihar and Jharkhand.

The service, which is called "M-Pesa", allows a subscriber to transfer money to any bank account or any mobile subscriber registered with "M-Pesa".

It is initially being offered in the East — covering Kolkata, West Bengal, Bihar and Jharkhand — through over 8300 specially trained authorised agents, and will be rolled out across the country soon, in a phased manner.

"We will roll out pan-India services in 12 to 18 months," said a Vodafone official, adding, "The reason for starting from the Eastern region is that there is a large migrant population from this region."

"Mobile technology has a critical role to play in servicing the unbanked and under serviced sections of the society…Using ‘M-Pesa', we will provide people in remote areas with a convenient way to bank, transfer money and make payments in a safe and secure manner," said Marten Pieters, managing director and chief executive officer, Vodafone India.