ICICI Bank, India’s largest private sector bank and Aircel has jointly launched a mobile banking service. The service named Mobile Money will run on Visa’s mobile managed service. It is designed to provide number of financial services on a mobile phone like cash deposits and cash withdrawals, money transfer to third parties, self-reload of prepaid mobile credit, and various utility bill payments. The private sector lender had earlier launched Mobile Money with Tata Docomo and Vodafone.
Mobile Money is introduced for providing services to those who face hurdles in transferring money due to lack of branches or ATMs closer to them. Currently, the service is launched in Tamil Nadu and will be rolled in other parts of India in the current year itself.
