ICICI Bank & Vodafone launch new mobile application

Moneycontrol Bureau

India’s largest private sector lender ICICI Bank on Wednesday launched a mobile banking application christened as 'M-Pesa' in association with Vodafone India, one of the leading telecommunication service providers.

"This launch is line with the bank's objective of achieving greater financial inclusion," said Rajiv Sabharwal, Executive Director - ICICI Bank.

"With the launch of ‘M-Pesa’, the bank now offers a unique service that provides basic banking facilities to millions of Indians who still depend on informal channels for their banking needs. 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."

The service was launched in Kolkata by Sabharwal and Marten Pieters, MD & CEO, Vodafone India.

Using their M-Pesa account, customers can deposit and withdraw cash from designated outlets. S/he can transfer money to any mobile phone in India. Money can also be remitted to any bank account in India. Even a customer can use this application to make payments for utility bills, DTH service subscription and recharge mobile.

How does M-Pesa work?

This is what the press release explained:

"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 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."