Vodafone rolls out M-PESA services in Gujarat, targets USD 60 Bn money transfer market of India in 2014

vodafone-m-pesaFollowing its plan to expand M-PESA services Pan India, Vodafone India rolled out its services in Gujarat recently, reports Business Line. As per the reports, the company is targeting the USD 60 Bn money transfer market in the country along with the government benefits transfer market worth USD 55 Bn.

Also, with this launch, M-PESA service will be aiming at Vodafone’s 17 million subscriber base in the state of Gujarat. For using the service, Vodafone would levy transaction charges between 1.2 and 1.5% of the value of transaction.

According to Bhuvanesh Pratap Singh, Operations Director, West, Vodafone India, only 35 per cent Indians have access to formal financial services with only one branch for every 12,000 people. Thus opening a wide opportunity for the acceptance of the service in the country.

Apart from Gujarat, the service is currently available in Delhi, Mumbai, Kolkata, West Bengal, UP East, UP West, Bihar, Jharkhand, Rajasthan, Maharashtra and Goa.

Launched initially in Kenya in 2006, M-PESA came to India in late 2011 in partnership with HDFC. Later, in April 2013, it joined hands with ICICI bank. It is basically a mobile money transfer service, which allows Vodafone customers to withdraw, deposit or transfer money with their mobile device. The service does not require a GPS connection to complete transactions.

To read more on how the service can be accessed, click here.

To contact author, email at meha@wirefootindia.com

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