M-Paisa mobile banking arrives in India

Leading telecoms service provider, Vodafone India and private lender, HDFC Bank revealed 'M-Paisa', a mobile banking service, in Rajasthan, to enable millions of unbanked Indians to perform basic banking transactions on their mobile phones, IBN Live reports.

"It is a great opportunity for a country like India to improve financial inclusion through mobile banking. It is a pioneering initiative modelled on the lines of Vodafone's M-Pesa product running in three different countries of Africa, offering to more than 17 million people basic financial services beyond the reach of traditional banking," said Sunil Sood, director of business operations at Vodafone India.

India Blooms states that through this arrangement, customers can now transact and perform basic banking transactions on the mobile phones and deposit and withdraw cash at appointed Vodafone India's distribution outlets, without having to go to bank branches.

According to, Times of India 4U, more than 2 200 retailers across 320 villages and 54 towns in the state of Rajasthan are already operational, assisting with the opening of mobile bank accounts with Vodafone M-Paisa.