Vodafone and ICICI Bank bring ‘M-Pesa’ to Delhi

Vodafone and ICICI Bank bring 'M-Pesa' to DelhiVodafone 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 Delhi and NCR. ‘M-Pesa’ is the trademark of Vodafone. The service was formally launched today by senior officials from Vodafone India viz. Rajiv Kohli, Operations Director –North, Subrat Padhi, Business Head – Delhi 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 and across 130 Vodafone exclusive retail stores in Delhi and NCR region.

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 Delhi/NCR, Subrat Padhi, Business Head –Delhi, 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 Delhi, ‘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 Rahul Joshi, Joint General Manager – Digital Channels, ICICI Bank, “ICICI Bank always brings to its customers innovative services that makes 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.”

How does it work?

Apart from Delhi, ‘M-Pesa’ has been rolled out in Kolkata, West Bengal, Bihar, Jharkhand, and Rajasthan and will be made available across the country in a phased manner.

#ICICI Bank# M-Pesa #mobile money #money transfer #vodafone