Vodafone in association with ICICI bank is launching a new innovative facility for the customers. Bank and Vodafone have come up with a very convenient method of transferring money to their families back home. The facility named is M-Pesa, the facility is launched in Tamil Nadu and will soon reach northern parts of the country.
M-Pesa will allow the customers to withdraw and deposit money through the mobile phones. The authorised M-Pesa agents will be classified as business correspondents of ICICI Bank. Money from M-Pesa account will be transferred any mobile number. The holder of the mobile number can reclaim their money from the agent by providing the code that will come along with the money-transfer message. The maximum limit of the daily transaction is up to Rs 25,000. The interest rate on the money in M-Pesa account will be 4% p.a.