Vodafone India has unveiled mPesa service in Gujarat by joining hands with ICICI bank. The company is also planning to further expand the service to pan India by next year. As per the reports, the company is targeting the USD 60 Billion money transfer market in the country along with the government benefits transfer market worth $55 Billion.
The telecom operator had first nnounced the service in November last year while it was officially launched in Mumbai this August. mPesa enables users to transact using the M-Pesa accounts and do transactions like withdrawing cash from specified outlets, paying utility bills, buying mobile recharge and transferring money to any mobile phone or bank account.
Vodafone’s Brajesh Bajpai, Business Head, Gujarat said that m-PESA service will be aiming at 17 million subscriber base in the state of Gujarat. For using the service, Vodafone would levy transaction charges between 1.2 and 1.5% of the value of transaction. The service is also available in Kolkata, West Bengal, UP East, UP West, Bihar, Jharkhand, Rajasthan, Maharashtra and Goa.
Airtel also offers similar service with Airtel Money. In October we reported that usage of Airtel Money has increased ten times since its launch. By 2015, mobile money transfers in India could total $350 billion annually, some analysts estimate. Also, mobile transactions have soared in India as per a latest NPCI report.
Image Source | The Hindu Business Line