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Vodafone India partners ICICI Bank to launch mobile payment service m-pesa

Vodafone India and ICICI Bank have announced
a strategic alliance to launch a mobile money transfer and payment service
called m-pesa. Vodafone India through its 100% 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

Vodafone India and ICICI Bank have announced
a strategic alliance to launch a mobile money transfer and payment service
called m-pesa. Vodafone India through its 100% 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.

Chanda Kochhar and Marten Pieters

With m-peas, consumers can use cash deposit
and withdrawal from designated outlets, money transfer to any mobile phone in
India, range of mobile payment services including purchase of mobile recharge,
recharge of DTH services and utility bill payments, money transfer to any bank
account in India, payments at select shops.

Marten Pieters, Managing Director and CEO,
Vodafone India said, “Vodafone ‘m-pesa’ is offering millions of people basic financial
services, beyond the reach of traditional banking. After an in-depth
understanding of the Indian customer insights, we concluded that there is
tremendous potential for this product in India. We are really proud to announce
the strategic partnership with ICICI Bank. This offering has been customized to
serve the Indian customer in compliance with all applicable regulatory
requirements”.

Chanda Kochhar, Managing Director and CEO, ICICI
Bank said, “ICICI Bank has been at the forefront of leveraging technology in
banking and has revolutionized the way Indian customers carry out their banking
transactions. We have now launched ‘m-pesa’, a unique and innovative offering
which will allow us to provide basic banking services to millions of customers
spread across the country.”

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