Vodafone, after rolling out its mobile money transfer service m-pesa in various states, now brings it to Haryana, reports ET.
The service has been launched in association with ICICI bank. It aims at empowering the unbanked and underbanked sections of the population, gain access to financial services via the mobile phone.
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.
m-pesa will now be available across 62 Tehsils, 21 Districts through 1073 specially trained authorized agents and across 110 Vodafone exclusive retail mini stores in Haryana.
“Today, less than 5 percent of villages in India have a banking outlet. Financial inclusion is a national priority and we believe that with ‘M-Pesa’, we now have the ideal offering to facilitate the same across the country in compliance with all applicable regulations”, said Suresh Sethi, Business Head – M-Pesa, Vodafone India.
A similar statement has been said by Bhuvanesh Pratap Singh, Operations Director, West, Vodafone India at the launch of service in Gujarat last month. “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”.
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.
Apart from Haryana, ‘M-Pesa’ has been rolled out in Delhi, Mumbai, Kolkata, West Bengal, UP East, UP West, Bihar, Jharkhand, Rajasthan, Gujarat, Maharashtra, Goa, Assam & North East and will be made available across the country in a phased manner.
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