Vodafone and HDFC Bank launched M-Paisa Money transfer Service in India

Vodafone India’s top telecom operator and HDFC Bank one of the top private bank in India announced the launch of its m-paisa mobile money transfer service nationally. As a starting phase the service has been first launched in the outskirts of Jaipur, Rajasthan. M-PAiSA provides an instant, secure, affordable and convenient means to sending & receiving money to any mobile phone anywhere in India and is available to every registered subscriber on the Vodafone network, whether on Prepay or Postpay. Registration to access the M-PAiSA service is absolutely FREE!

Vodafone and HDFC Bank has already partnered with over 2,200 retailers across 320 villages and 54 towns operating across the country for the M-Paisa mobile money transfer service, which is a great way to start with.

Rahul Bhagat, country head, retail liabilities, marketing and direct banking channels, HDFC Bank stated that, “There are 6,00,000 habitations but only about 89,000 bank branches in the country, making access to banking services difficult in remote areas. We feel that Vodafone’s significant distribution reach will provide customers the security of financial transaction offered by bank.

Mr. Sunil Sood, Director – Business Operations, Vodafone India, commented on the launch, “Vodafone m-paisa” is a pioneering initiative modeled on the lines of Vodafone’s m-pesa product running in three different countries of Africa, offering more than 17 million people, basic financial services, beyond the reach of traditional banking. With Vodafone India’s reach and ability to connect to customers, we expect many million people to come into the banking fold through Vodafone m-paisa in the coming years. We are pleased to work with HDFC Bank, as partners, to jointly offer our products to our customers”

Using the M-PAiSA service customers can –

  • Deposit money into their mobile phone Send money to any mobile phone user; registered or not registered for M-PAiSA
  • Send money to any mobile phone user on another network
  • Receive money from other M-PAiSA customers
  • Withdraw cash at any authorized M-PAiSA agent
  • Buy recharge or talktime for their own or another prepaid Vodafone or Inkk mobile number
  • Check the last five transactions on your M-PAiSA account [mini statement]

After the Nokia and Union Bank joining hands for a mobile payment service, its Vodafone and HDFC Bank who has come up with a mobile money transfer service. As India has a huge mobile subscriber base, this type of mobile based services will get flourished more. We can hope soon Google Wallet and NFC based mobile money transfer services comes in India

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