Vodafone India partners ICICI Bank to launch mobile money transfer and payment service which will help customers with money transfer,m-commerce along with wide range of mobile payment services.
The strategic alliance was formed through Vodafone's 100% subsidiary, Mobile Commerce Solutions Ltd and ICICI Bank as the mobile payment services launch is scheduled for 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 Mobile Commerce Solutions Ltd (MCSL).
This offering will give the customer a comprehensive service comprising ;cash deposit and withdrawal from designated outlets,money transfer to any mobile phone in India,mobile payment services ie mobile recharge, recharge of DTH services and utility bill payments,money transfer and payments at select shops.
According to Marten Pieters, Managing Director & CEO, Vodafone India said, "Vodafone is the world's largest and leading provider of mobile payment services. Vodafone m-pesa is offering millions of people basic financial services, beyond the reach of traditional banking. After an in-depth understanding of the Indian customer insights, we concluded that there is tremendous potential for this product in India. We are really proud to announce the strategic partnership with ICICI Bank and launch this first-of-its-kind offering with ICICI to provide mobile payments. This offering has been customized to serve the Indian customer in compliance with all applicable regulatory requirements.
"This will help us reach out to segments that currently do not have access to banking services, towards our objective of achieving greater financial inclusion. We are very happy with this partnership with Vodafone which will bring together the strengths of our respective brands and our complementary capabilities.Chanda Kochhar, Managing Director& CEO, ICICI Bank said.
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.