ICICI Bank Ltd.

ICICI Bank, India’s largest private sector bank and Vodafone India, one of India’s leading telecommunications service providers, have successfully launched ‘M Pesa’ a unique mobile money transfer and payment service in Kolkata. ‘M-Pesa’ is the trademark of Vodafone.

‘M-Pesa’, which is being launched initially in the eastern parts of the country, effectively leverages the combined strengths of Vodafone’s global expertise in the domain of mobile payments and significant distribution reach in India, plus the security of financial transactions provided by ICICI Bank. It is initially being offered in Kolkata, West Bengal, Bihar and Jharkhand through over 8300 specially trained authorized agents and will soon be rolled out across the country in a phased manner.

Under the M-Pesa scheme, customers need to have an M-Pesa account which can be made at various outlets. Once an account is made, subscribers can withdraw and deposit cash from designated outlets, transfer money within India, make payments to recharge, clear the utility bills and for DTH service among others.