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ICICI Bank and Vodafone India launched mobile banking service ‘M-pesa’ in Mumbai today.
M-Pesa provides access to financial services via the mobile phone to the unbanked and under-banked sections of the population.
The service leverages Vodafone’s mobile services with its distribution and ICICI Bank’s security of financial transactions.
This service will now be available through 1,400 authorised agents in Mumbai. Apart from Mumbai, the service has been rolled out in Kolkata, West Bengal, Bihar, Jharkhand, Rajasthan and Delhi/NCR.
The service can help deposit and withdraw cash from designated outlets, transfer money to any mobile phone in the country, remit money to any bank account in India make payments to clear utility bills and online shopping among others.
N R Narayanan, Senior General Manager- Retail Business Head (West), ICICI Bank, “With ‘M-Pesa’, the Bank offers a unique service that provides basic banking facilities to millions of Indians who still depend on informal channels for their banking needs.”
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