Now this service will allow clients to withdraw and deposit cash from a few select Vodafone kiosks. Vodafone and ICICI Bank have come out with a novel service. This service is relative to money transfer and payment, called 'm-pesa', in India.
The mobile money service will be launched through Mobile Commerce Solutions (MCSL), Vodafone's 100 percent subsidiary backup, and ICICI Bank. This offering comes with a money account with ICICI Bank and a Mobile Wallet issued by MCSL.
The best thing about this service is that clients cannot only deposit and withdraw money from designated outlets, but they can also transfer money to any mobile phone in India. This cash can be used to buy mobile recharge, recharge of DTH services and some other utility bill payments. It can even be used to transfer money to any bank in India and clear accounts at selected shops on purchases.
One must know first that the service is targeted at those people who do not have their own personal bank account as of now. What about people who have bank accounts? Those having personal accounts are most welcome to take part in this service.
In a statement, Vodofone said this synergy between Vodafone and the ICICI Bank effectively raises the potentials of Vodofone's significant distribution reach, and the security of financial transaction given to customers by ICICI Bank.
These services are available and they are offered only when you use a network of authorised agents who will enable customers to deposit and withdraw cash in and from their account.
Coming next is the mobile payment service ready to be launched first in the Eastern regions of the country including Kolkata, the State of West Bengal, Bihar and Jharkhand and then will enter other parts of the country, in a phase by phase manner.
This service is prevalent in Africa and is very popular for the past couple of years. In India, Airtel is already providing this service dubbed as Airtel Money.