The service enables customers to transfer money through their mobile phones without getting connected to data services.
Mobile Money provides customers with financial services including deposits and cash withdrawals, money transfer to third parties, self-reload of prepaid mobile credit and utility bill payments. The mobile money platform is set to be managed by Visa.
In recent news, ICICI Bank has entered an agreement with Vodafone to launch the mobile money transfer and payment service dubbed M-Pesa in India by the end of 2012.
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