Vodafone India, along with ICICI Bank, launched its mobile money transfer and payment service ‘M-Pesa’ here. It plans to roll out this service in Mumbai and Lucknow in the next couple of days. This service helps the unbanked and under.
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The recipient of e-float takes her mobile phone into her nearest retailer when she wants to cash in, and swaps her text message code back for physical money. There are already more m-Pesa agents in Kenya than there are bank branches.
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In India, at least, that could be about to change. Vodafone India and ICICI Bank, India’s largest private bank, have launched M-Pesa, a mobile-based money transfer and payment service that was first established in Kenya in 2007.
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