m-pesa, the mobile-payment service that connects mobile phone, cash, and bank accounts and gained huge success in South Africa, is being introduced into the India market by Vadafone and major local bank ICICI.
From The Times of India:
“m-pesa” will enable customers to make cash deposits or withdrawals from designated outlets, transfer money to any mobile phone or bank account in India, make payments at select shops and avail of a wide range of mobile payment services like mobile or DTH recharge and utility bills.
India’s central bank has been pushing for financial inclusion in the country for several years.
Vodafone India managing director Marten Pieters said ‘m-pesa’ would offer millions of people basic financial services, beyond the reach of traditional banking for which there is a tremendous growth potential in India.
Click here to read more from The Times of India.