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Vodafone India tied up with ICICI Bank for Mobile Money Services

Vodafone India on 8 November 2012 signed an agreement with ICICI Bank to launch a mobile payment service.

The mobile payment service is going to be launched initially in Eastern region of the country which includes West Bengal, Bihar and Jharkhand and is followed by a phased rollout in other parts of the country.

The service is called m- pesa and as per the Service Vodafone is offering its customers a mobile money account with ICICI Bank and a mobile wallet issued by Mobile Commerce Solutions Ltd (MCSL).

The service will allow customers to make cash deposits and withdrawals from designated outlets as well as make cash transfers to any mobile phone or any bank account in the country.

Also the company is going to have a huge network of authorized agents which enable customers to deposit and withdraw cash from their account, in a bid to offer last mile access to its customers in remote areas.

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