Telecom operator Aircel has partnered with ICICI Bank and the global payments company Visa to launch (pdf) a mobile banking service called Mobile Money, targeting the underbanked population. While the financial details of the partnership were not disclosed, the company said that Visa will be deploying its mobile managed service on the platform and and will be responsible for managing it. Mobile Money will be initially available in Chennai followed by other parts of Tamil Nadu and the rest of the country in 2013. Offerings According to the company, the service will allow customers to deposit, withdraw and transfer money as well as make utility bill payments and self-reload prepaid mobile credit. Users can send a minimum of Rs 100 and a maximum of Rs 50,000 at a time through the service and there is an yearly limit of Rs 2,00,000 per person, as indicated by a similar The Hindu Businessline report. The report also states that Aircel and ICICI have set up 13 outlets in Chennai with around 30 business correspondents in Tirunelveli, to allow customer deposit money with business correspondents for transfer purposes. Interestingly, customers need not have an ICICI bank account to make use of the service and they will be charged about 1-1.5% commission on each transaction. Other services Last month, Mobile value added services company Comviva had inked a strategic collaboration with MasterCard Worldwide and Tutuka to introduce financial inclusion solutions in Africa. State Bank of India had also launched a prepaid mobile wallet service called Mobicash Easy, which allows users to transfer funds and make bill payment among others. The service was initially available in Delhi and Mumbai, and was expected to…
