ICICI Bank Ltd.

ICICI Bank, India’s largest private sector bank has entered into strategic alliance with Vodafone India to launch a unique mobile money transfer and payment service called ‘m-pesa’, which is the trademark of Vodafone.

The bank and Vodafone India through its 100% subsidiary, Mobile Commerce Solutions (MCSL) 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 the bank and a Mobile Wallet - issued by MCSL.

The facility will offer cash deposit and withdrawal from designated outlets, money transfer to any mobile phone in the country, and mobile payment services including purchase of mobile recharge, recharge of DTH services and utility bill payments, money transfer to any bank account in the country and payments at select shops.

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.