ICICI Bank, the largest private sector bank of India partnered with Aircel to announce the launch of their mobile banking service called Mobile Money. The service allows the unbanked population of ICICI and Aircel to transfer money instantly and safely through the mobiles without even connecting to data services. Initially, ICICI bank had launched the Mobile Money with Tata Docomo and Vodafone.
Mobile Money is aimed at those users who wish to transfer money but are devoid of services such as lack of branches or the ATMs. Mobile Money allows such users to go for financial services such as cash withdrawals, cash deposits, self-reload of prepaid mobile credit, money transfer to the third-parties as well as utility bills transfer.
At first the service will be available in Tamil Nadu and will especially cater to migrant working population from the area of Tirunelveli that now lives in Chennai. Rollout of this service to other parts of Tamil Nadu as well as the rest of India will occur over 2013.
The Mobile Money platform will be provided and managed through VISA, the global payments technology company.