Vodafone Idea has decided to close m-pesa vertical following the closure of Aditya Birla Idea Payments Bank (ABIPBL), in which it was being merged with. The merger of Vodafone m-pesa with ABIPBL has thus been called off and business prepaid instruments and business correspondence are in the process of closure. The company wrote off Rs 210 crore in the June quarter on account of decision to close its payments bank business.
Nearly after 17 months it began operations, ABIPBL on July 20 announced winding up of its business on account of unanticipated developments that made its economic model unviable.
Vodafone Idea is an Aditya Birla Group and Vodafone Group partnership. It is developing world-class infrastructure to introduce newer and smarter technologies, making both retail and enterprise customers future ready with innovative offerings conveniently accessible through an ecosystem of digital channels as well as extensive on-ground presence.