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ICICI Bank, Aircel launches mobile banking service on VISA platform

ICICI Bank has tied-up with Aircel to launch mobile banking
service, Mobile Money. It is designed for the unbanked population to enable
customers of these two organisations to transfer money securely and instantly
through their mobile phones without getting connected to data services. ICICI
Bank had earlier launched Mobile Money with Vodafone and Tata Docomo.

ICICI Bank has tied-up with Aircel to launch mobile banking
service, Mobile Money. It is designed for the unbanked population to enable
customers of these two organisations to transfer money securely and instantly
through their mobile phones without getting connected to data services. ICICI
Bank had earlier launched Mobile Money with Vodafone and Tata Docomo.

Mobile Money aims at financial inclusion of those who faces
hurdles in transferring money due to lack of branches or ATMs closer to them by
offering a gamut of financial services such as deposits and cash withdrawals,
money transfer to third parties, self-reload of prepaid mobile credit, and
various utility bill payments. The service will be first available in Tamil
Nadu to specifically cater to the needs of migrant working population from
Tirunelveli now living and working in Chennai. Rollout to other parts of the
state and rest of the country will happen during the year.

Rajiv Sabharwal, Executive Director of ICICI Bank said,
“ICICI Bank has been leveraging technology to provide conveniently accessible
banking services in line with its financial inclusion initiative. The launch of
Mobile Money is a part of this strategy, which will enable the Bank to provide
reliable banking services through retail outlets of Aircel. These far-flung
retail outlets will take the basic banking services to the doorsteps of the
customers.”

VISA, the global payments technology company, has been
chosen to provide and manage the mobile money platform.

Geoff King, Head of Mobile Banking, Aircel said, “Aircel
brings to the partnership not only our mobile network but our attention and
care in serving customers every day with many small cash transactions through
our vast retailer and distributor setup.”

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