Vodafone, ICICI Bank Launch M-Pesa in India
Nov. 13, 2012
Vodafone announced last week it has partnered with ICICI Bank to bring one of the most successful payment schemes in the world to India. Vodafone’s m-pesa, the same brand that revolutionized payments in Kenya and then in other African countries, leverages a network of agent locations where customers can deposit and withdraw cash from their mobile accounts. In a country with limited financial infrastructure, m-pesa enables money transfers between any mobile phones via SMS and payments at select retail locations, for mobile recharge and for utilities. The mobile money account will be issued by ICICI Bank and the mobile wallet will be issued by Mobile Commerce Solutions Ltd., a subsidiary of Vodafone India.
“[This] unique and innovative offering which will allow us to provide basic banking services to millions of customers spread across the country,” said Chanda Kochhar, managing director and CEO of ICICI Bank. “This will help us reach out to segments that currently do not have access to banking services, towards our objective of achieving greater financial inclusion.”