VODAFONE AND ICICI BANK BRING ‘M-Pesa’ TO MUMBAI
- DRIVE FINANCIAL INCLUSION THROUGH 1400 TOUCH-POINTS IN THE REGION
- ‘M-Pesa’ facilitates money transfer and payments via mobile phone
Vodafone India, one of India’s leading telecommunications service providers and ICICI Bank, India’s largest private sector bank, today announced the launch of ‘M-Pesa’ – a unique mobile money transfer and payment service in Mumbai – the commercial capital of India. ‘M-Pesa’ is the trademark of Vodafone. The service was formally launched today by senior officials from Vodafone India viz. Bhuvanesh Pratap Singh, Operations Director –West, Arvind Vohra, Business Head – Mumbai and Suresh Sethi, Business Head –M-Pesa.
‘M-Pesa’ empowers the unbanked and under-banked sections of the population gain access to financial services via the mobile phone. ‘M-Pesa’ 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. This service will now be available through 1400 specially trained authorized agents in Mumbai.
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.
Highlighting the relevance of ‘M–Pesa’ for the residents of Mumbai, Arvind Vohra, Business Head –Mumbai, Vodafone India said, “Vodafone is always at the forefront to introduce innovative products and services that enrich the lives of our customers. We are delighted to bring to Mumbai, ‘M-Pesa’, a world class mobile banking service, in partnership with ICICI Bank. ‘M-Pesa’, is a safe, secure and convenient service to transfer money and make payments beyond the reach of traditional banking channels. For households where the earning members migrate to larger cities for earning livelihood, ‘M-Pesa’ will be the best way to send money back home to their families.”
Added Suresh Sethi, Business Head – M-Pesa, Vodafone India, ”Vodafone is the world’s largest and leading provider of mobile payment services through ‘M-Pesa’, which offers millions of people including the unbanked and underserviced sections of society, basic financial services. Today, less than 5 percent of villages in India have a banking outlet. Financial inclusion is a national priority and we believe that with ‘M-Pesa’, we now have the ideal offering to facilitate the same across the country in compliance with all applicable regulations.”
Says Ravi Narayanan, Senior General Manager, ICICI Bank, “ICICI Bank always brings to its customers innovative services that make banking easier and more convenient. With ‘M-Pesa’, the Bank, in association with MCSL, a 100% subsidiary of Vodafone, now offers a unique service that provides basic banking facilities to millions of Indians who still depend on informal channels for their banking needs. This service will greatly contribute towards the larger financial inclusion objective of ICICI Bank.”
Apart from Mumbai, ‘M-Pesa’ has been rolled out in Kolkata, West Bengal, Bihar, Jharkhand, Rajasthan and Delhi/NCR and will be made available across the country in a phased manner.
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 gets 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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