Telecom operator Idea Cellular in partnership with Axis Bank, has formally launched Idea MyCash, its financial inclusion platform offering banking facilities including money transfer on mobile. Under the arrangement, Idea retail outlets will act as Customer Service Points. The two had earlier signed an MoU by virtue of which Idea Cellular had become a Business Correspondent to Axis Bank, to extend branchless banking to the un-banked and under banked population segments. Through MyCash, Idea will provide basic banking services like cash deposit, cash withdrawal and balance enquiry and will also enable money transfer between the migrant population in urban areas to their beneficiaries back home. The remittance facility will be initially offered in the Dharavi – Allahabad remittance corridor and will be later extended to other remittance corridors. As a banking correspondent, Idea will facilitate in the opening of No Frills Savings Bank accounts for its subscribers through its retail outlets. Axis Bank customers will be able to send and receive money through Idea's M-Commerce platform. Beneficiaries will be able to facilitate a Cash Out at any Idea retail outlet. Although its not clear whether the launch is on a country wide basis, Idea declares that its the first to go "live". There have been other such announcements from Vodafone and Bharti Airtel. While Vodafone signed up to become ICICI Bank's business correspondent, Airtel formed a JV with SBI to offer banking services, which it said would be incorporated by 31st March. Airtel also launched Airtel Money, a prepaid cash on mobile service, in Gurgaon. As we…
- European media groups sue Google for $2.3 billion over digital ad losses March 1, 2024
- US Executive Order Targets Protection of Sensitive Data from Foreign Threats March 1, 2024
- Google removes apps of Matrimony.com, Shaadi, and other Indian companies for not complying with the Play Store billing policy March 1, 2024
- Haryana Police Seeks Cancellation of Visas, Passports of Protesting Farmers Identified Through CCTVs, Drone Footages March 1, 2024
- Facebook to shut down news tab in US and Australia, citing declining user interest March 1, 2024
"Without Google’s abuse of its dominant position, the media companies would have received significantly higher revenues from advertising and paid lower fees for ad...
Google removes apps of Matrimony.com, Shaadi, and other Indian companies for not complying with the Play Store billing policy
Speaking to Medianama, founders of the concerned companies alleged Google was the one not in compliance with the Indian competition regulator's antitrust order.
Haryana Police Seeks Cancellation of Visas, Passports of Protesting Farmers Identified Through CCTVs, Drone Footages
According to reports, farmers have also informed that their phones are being put on surveillance, and that they are being notified by the police...
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Views: Response to NPCI CEO’s comments that what is not written in regulations is a no-go for fintech entities
NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...
Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...
The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...
Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...
Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...