ICICI Bank of India, the country's largest private sector bank, is launching Mobile Money with wireless telecom provider Aircel. The mobile banking service runs on Visa's platform and targets the underbanked population. The service will first be available in Chennai, followed by the Tamil Nadu area of India. A complete rollout will take place throughout 2013.
Mobile Money provides unbanked consumers with services such as deposit, cash withdrawals, money transfers and even bill payments. This also includes payments of utility and self-reload prepaid mobile credit. Mobile Money extends its services to consumers from other banks as well, charging them a fee of 1-1.5% for each transaction.
ICICI Bank has always been leveraging on technology to provide convenient and easily accessible banking services across the country. Looking for ways to provide reliable banking services through partnering with retail outlets has always been on the agenda of ICICI Bank. To date, ICICI Bank has partnered with Tata Teleservices, Visa, Vodafone and many more to launch cards and payments services.
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