Kolkata, Feb 5 (IBNS) Aircel, one of India's most innovative telecom players, and ICICI Bank, India's largest private sector bank, on Tuesday announced the joint launch of their Mobile Banking service - Mobile Money, running on Visa's Mobile Managed Service.
Mobile Money aims at overcoming the challenges and meeting the financial needs of India's unbanked, a majority of whom face many hurdles in managing their finances such as reliability of intermediaries, distance to formal banking infrastructure, legitimate KYC, and financial illiteracy.
Mobile Money launches with a range of financial services on a mobile phone such as cash deposits and cash withdrawals, money transfer to third parties, self-reload of prepaid mobile credit, and various utility bill payments.
On sign-up, customers will be able to use the Mobile Money service instantly on any mobile phone even without a data connection service.
The service will be first available in Tamil Nadu to specifically cater for the needs of the large migrant working population from Tirunelveli now living and working in Chennai.
Rollout to other parts of the state and rest of the country will happen during 2013, said the company.
Speaking on the occasion, Geoff King, Head of Mobile Banking, Aircel, said, "We are extremely pleased to be launching 'Mobile Money' to provide our customers with a safe, secure and instant way of managing their financial needs."
Rajiv Sabharwal, Executive Director, ICICI Bank, said: "The launch of Mobile Money will enable the Bank to provide reliable banking services to millions of customers through retail outlets of Aircel."