ICICI Bank has partnered with Vodafone India to launch M Pesa, a unique mobile money transfer and payment service. The service was launched in Kolkata by Rajiv Sabharwal, Executive Director, ICICI Bank and Marten Pieters, MD & CEO, Vodafone India Ltd. Initially the M-Pesa service is being launched in the eastern parts of the country – 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.
Through M-Pesa, ICICI Bank aims to provide users with a fast, simple and secure way to transfer money and make payments. In order to register for M-Pesa, 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. 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.
Customers can use their ‘M-Pesa’accounts to :
- 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
- Shop at select shops
- Participate in e-commerce/m-commerce.
Commenting on the launch, Rajiv Sabharwal, Executive Director, ICICI Bank said, “ With the launch of ‘M-Pesa’, the 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. We are very happy with the partnership with Vodafone as the tie-up will effectively leverage the security of financial transactions provided to customers by ICICI Bank and the strengths of Vodafone’s significant distribution reach. 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.”
Marten Pieters, Managing Director and CEO, Vodafone India said, “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 customized our offering to serve the needs of Indian customers while ensuring its compliance with all applicable regulations. Financial inclusion is a national priority and we believe that with ‘M-Pesa’, we now have the ideal offering to enable the same.”