ICICI Bank, Vodafone launch mobile banking service in Mumbai

Is aimed at the unbanked and under-banked.

The service called M-Pesa provides access to financial services via mobile phones. It leverages Vodafone’s mobile services with its distribution and ICICI Bank’s security of financial transactions. This service is now available through 1,400 authorized agents in Mumbai. The service has also been rolled out in Kolkata, West Bengal, Bihar, Jharkhand, Rajasthan and Delhi/NCR. The service provides cash deposit and withdraw from designated outlets; transfer money to any mobile phone in the country; remit money to any bank account in India and do online shopping, among others.