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Vodafone, ICICI announce strategic alliance

Posted on Nov 08, 06:48PM | IBNS

Vodafone India, one of India's largest telecom service providers, and ICICI Bank, India's largest private sector bank, on Thursday announced a strategic alliance to launch a mobile money transfer and payment service called 'm-pesa'.

The announcement was made by Marten Pieters, MD and CEO, Vodafone India Ltd. and Chanda Kochhar, MD and CEO, ICICI Bank.

Vodafone India through its 100pc subsidiary, Mobile Commerce Solutions Ltd. ("MCSL") and ICICI Bank have finalized plans to launch mobile payment services this year, under the brand name 'm-pesa'.

This offering will comprise a mobile money account with ICICI Bank and a Mobile Wallet issued by MCSL.

The mobile payment service will be launched initially in the eastern region of the country viz. Kolkata, West Bengal, Bihar and Jharkhand and then will be rolled out to other parts of the country in a phased manner.

Pieters said, "This offering has been customized to serve the Indian customer in compliance with all applicable regulatory requirements."

Kochhar said, "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."