HomeNewsVodafone launches mobile money service in India

Vodafone launches mobile money service in India

Using this service users can deposit and withdraw cash at Vodafone m-paisa outlets.

Vodafone has announced the launch of its mobile money banking services in India in association with HDFC Bank.

Under this initiative, HDFC Bank and Vodafone India have partnered to open HDFC Bank Mobile Bank Account with Vodafone m-paisa TM. With the new Vodafone m-paisa TM service, customers can now perform basic banking transactions on the mobile phone and even deposit and withdraw cash, at appointed Vodafone m-paisa outlets, without having to go to bank branches.

The service was inaugurated from the tehsil of Chomu, on the outskirts of Jaipur, Rajasthan.

Customers can do various banking transactions like cash deposit, cash withdrawal, money transfer and balance inquiry.

Speaking on the initiative, Rahul Bhagat, country head – retail liabilities, marketing and direct banking channels, HDFC Bank, said, “There are 600,000 habitations but only about 89,000 bank branches in the country, making access to banking services difficult in remote areas. With this in mind, the partnership between HDFC Bank and Vodafone India is path-breaking as it leverages the telco’s significant distribution reach and provides customers the security of financial transactions offered by a bank.”

“So, with HDFC Bank MobileBank Account and Vodafone m-paisa, anyone can open a savings account and transact at a bank-appointed outlet convenient to them, with the same sense of trust and security as if they were in a bank branch,” he added.

The new service is modeled on the lines of Vodafone’s mobile banking service in Africa where it is known as m-pesa.

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