Nowadays mobile becoming a necessary for all people to communicate with the vast world. Now mobile making all things done within a fraction of time. Well, news come to be heard recently that Aircel mobile network operator now tied up with the ICICI bank India’s largest private bank so ever to provide good financial services on a mobile.
Both Aircel and ICICI Bank have introduced Mobile Money running on Visa’s Mobile Managed Services. The service will be first available in Tamil Nadu to specifically cater for the needs of the large migrant working population from Tirunelveli now living and working in Chennai.
Mobile Money launches with a range of financial services on a mobile phone such as cash deposits and cash withdrawals, money transfer to third parties, self-reload of prepaid mobile credit, and various utility bill payments. To sign-up, customers will be able to use the Mobile Money service instantly on any mobile phone even without a data connection service.
After launching in Tamil Nadu it will roll out to the rest of the state of the country during 2013. As mobile operators are increasingly well suited to providing secure financial services and by partnering with banks can play a major role in delivering on the Government’s Financial Inclusion objectives.
Mobile Money aims at overcoming the challenges and meeting the financial needs of India’s unbanked, a majority of whom face many hurdles in managing their finances such as reliability of intermediaries, distance to formal banking infrastructure, legitimate KYC, and financial illiteracy.