Currently, there are 11 banks participating in the programme, but like M-Pesa, this modest beginning could be developed further to serve various other ends as well. The decision of Mswipe to include e-Rupi as a mode of payment, for example, is a step towards building a financial ecosystem based on it. Businesses can use it to provide benefits to their employees by distributing such prepaid vouchers; they could track their redemption as well.

m pesa in india money to friends on any network easily by choosing your favourites or the new recipients from your phone book. With a stable internet connection, you can manage your M-Pesa wallet anytime, anywhere. Each transaction is triggered by the active mobile number and a confidential PIN of the user. Geeta Devi, Choti Devi and Lilima Kachaap, three poor women in the nondescript area of Namkum near Ranchi, Jharkhand’s capital, had recently given birth to healthy offspring.

Making payment for post-paid, electricity, gas and landline bills from mobile is just a few clicks away to complete. Vodafone has always been a leader in the unveiling of innovative solutions that are relevant to the customers’ needs. With its highly safe and secure M-Pesa app, users can reap all the baking and payment benefits transfer money instantly, pay utility bills, mobile recharge and more through their mobile phone.

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Vodafone M-PESA currently has the largest business correspondent network in the country. According to the company, the distribution network of M-Pesa is almost equal to the total Banking presence in India. PM Modi in his first “Mann Ki Baat” post the demonetization drive has cited Kenya`s M-Pesa as an example of an ideal cashless economy.

At present, out of eleven payments banks, only five – Paytm, Airtel, Fino, Jio and India Posts – are operational payment banks. In the absence of a profitable business model and revenues, many payment banks have shut shop in the past few months. The platform is aimed to enable merchants and retailers to receive cashless payments from customers.

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• M-Pesa later expanded to many other counties, and over time, it became a big player in the market for transferring or withdrawing money, saving or borrowing money, making merchant payments and paying bills.
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• Service providers are likely to see more benefits of signing up if their customers are into mobile money.

From digital wallets bringing up more merchants online to banks declaring turning villages into digital economies, solutions have started being implemented. Vodafone customers can download the application by sending an SMS “TICKET” to 111. Once accessed, the app prompts users with interactive and guided menu options towards booking tickets. A programme for payment of MGNREGS wages through mobile phones was launched at Rampa gram panchayat in Odisha’s Ganjam district.

M-Pesa is a type of commercial banking service where M-Pesa users can withdraw cash money from a wide network including airtime resellers and retail outlets that serve as banking agents. As the existing digital payment methods require a bank account and internet/smartphone, until these gaps are filled, complete financial inclusion will remain a developmental challenge. Most developing countries face similar challenges, and some of them have successfully tackled these through the innovative use of technology. One such example is M-Pesa in Kenya, where ‘M’ stands for mobile and ‘Pesa’ for money. M-Pesa was introduced in Kenya as an initiative for financial inclusion geared towards its unbanked or under-banked population. This is a virtual banking system that provides services through a SIM card with no requirement of internet access and bank accounts.

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While most of the country still suffers, 20 days after demonetization, it is great to see that alternatives have already started springing up. Through the Vodafone Foundation, we are committed to enable people and use technology to address some of India’s most pressing challenges relating to education, health, equality and access. All our activities focus on the 4Ms of empowering individuals – m Health, m Education, m Agriculture and m Women. The payment of health care subsidies under Janani Suraksha Yojna Scheme aims at reducing the neo-natal and maternal deaths in India by promoting institutional delivery of children. This scheme is operated under National Rural Health Mission of Government of India.

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The Reserve Bank of India has officially cancelled the Certificate of Authorisation of Vodafone m-pesa, after the company voluntary surrendered the Certificate of Authorisation as a Payment System Operator . This means that Vodafone m-Pesa cannot handle any transactions or do business of issuance and operation of Prepaid payment Instruments. Users can now pick Organizations as favourites for purchasing of products, withdrawal of agents and bill pay transactions from the receiver selection screen. Once the agent activates your account you can make use of features such as bill payments, mobile recharge and more.

Prior to that he did long, deeply reported feature stories for The Indian Express and handled desk at IANS. Among the things that excite him is wonder about life and its creative potential in every sphere. Launched in 2013, M-Pesa claimed to have over 8.4 million users according to data on Vodafone website dated Jan 5, 2017. Customers and merchants having a valid claim on the company as a PSO can approach the company for settlement of their claims within three years from the date of cancellation by Sept 30, 2022, the release added. The central bank announced the cancellation after the company voluntarily surrendered its CoA.

Vodafone M-Pesa ties up with Bharat BPO to facilitate railway ticket bookings via mobile phones

Tofler Company network is a powerful feature that allows you to explore and discover common directorships between companies. It helps you find out other directorships of an Indian director and where else he has business interests. Here is the video showing how you can explore company networks to discover hidden relationships between companies. Vodafone has more than 3000+ outlets including Vodafone Company owned stores, franchisees, and multi brand outlets in Punjab. These CashIn Points provide convenience and ease to Customers to convert cash into digital money facilitating digital payment of Bills and e-commerce /m-Commerce. The bill payment touch points are easily available at every nook and corner, including all 31 Vodafone brand stores in Punjab.

Further, of the country’s total bank branches, 33.5% are located in rural areas, 27.5% in semi- urban, 19.3% in urban and 19.7% in metropolitan zones, as on end-June 2021. There are around 190 million unbanked citizens in our country, residing mostly in rural parts. However, it is noteworthy that our central bank and government have been taking measures to expand bank infrastructure in unbanked areas and open bank accounts for people under the Jan Dhan Yojana.

M-Pesa app is one of the secured and fastest digital banking app which can be used to fulfill all our banking needs. M-Pesa, the first and most cutting-edge mobile financial service that enhances the experience of your sending and receiving money from your loved ones. By using the app you can access all the details of your bank account, pay online for goods and services, transfer money globally and conveniently transact from anywhere in the world. For your business, Vodafone M-Pesa is a quick, safe and convenient solution for payment and cash management.

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• As the existing digital payment methods require a bank account and internet/smartphone, until these gaps are filled, complete financial inclusion will remain a developmental challenge.
• Things changed in June 2012, when the Reserve Bank of India started giving out licences to start mobile wallet, and Vodafone applied.
• Tofler Company network is a powerful feature that allows you to explore and discover common directorships between companies.
• Vodafone M-Pesa partnership with the PSPCL is one such initiative that bridges the need for a simple, timely and cashless electricity bill payment solution through the mobile phone”.

It is important to understand that for any new service, a mind-shift to use that particular service takes time. This will happen when the government brings vendors, suppliers and the customer on a single platform to promote M-Wallet or, in this case, M-Pesa. In Odisha, Vodafone did another pilot and tied up with the state government to disburse wages of MNREGA workers through M-Pesa in the Hinjilicut and Chikiti blocks in Ganjam district. For those with accounts in local cooperative banks and post offices, it reduced delay in payment. Vodafone M-Pesa customers can now withdraw cash using their digital wallet from any of the over 120,000 Vodafone M-Pesa outlets across the country, subject to availability.

Full access to our intuitive epaper – clip, save, share articles from any device; newspaper archives from 2006. Pick your 5 favourite companies, get a daily email with all news updates on them. Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app. Provided here are the financial indicators for financial year ending on 31 March, 2018. Actual numbers and updated financial data are included in purchased financial report.

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Vodafone India has launched five global design outlets in Kolkata and its fringes, in its bid to boost retail presence and enhance distribution and reach in the city. The RBI gave out 10 small finance bank licences mostly to micro finance institutions including Utkarsh Micro Finance, Ujjivan and Au Financiers. The idea is to streamline the KYC process and avoid duplication of KYC for customers at multiple agencies. Do not reply to any e-mails or telephone call wrongly pretending to be from a bank or MCSL, and requesting you to share sensitive information relevant to your personal and M-Pesa account. Before making a transfer or payment thoroughly check the mobile number of the beneficiary.

India saw the introduction of M-Pesa in 2014 and M-Pesa currently has 5 million consumers in India, with over 1,20,000 marketing channels in India. For the business customer, M-Pesa technology uses its product services to provide companies with two primary items-payments and cash collections. Today, it has 80,000 outlets or banking correspondents, 60 per cent of which are in rural India, and all of them have the ability to cash out. Even though M-Pesa has other services like utility bill payments and recharge options, money transfer accounts for 60 per cent of the business.

M-Pesa is a digital money transfer, payment and micro-financing platform, founded in 2007 by Vodafone Group Pvt Ltd Company and Safaricom, Kenya’s largest mobile network provider. Since then, it has broadened to include Tanzania, Mozambique, DRC, Lesotho, Ghana, Egypt, Afghanistan, South Africa, India, Romania and Albania. M-Pesa helps mobile phone users transfer or withdraw cash, pay for products and services, manage credit and savings and more. The service provided by M-Pesa allows you to deposit money to your bank account, by which you can transfer funds to other customers, including suppliers of products and services, using PIN-secured SMS text messages. Users will be charged a minimal fee for using the service to send and withdraw money.

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Vodafone M-Pesa offers customers a cashless, secure platform for electricity bill payments with the largest network of agents to enable digitization of money for Cash holding population. Customers, who are already using the M-Pesa app, will receive a notification that will let them make the payment using their wallet balance, bank account, credit card, or debit card. Apart from this, the M-Pesa wallet would also allow customers to recharge their phones, DTH services, pay their bills. The Vodafone M-Pesa App can be downloaded by both Vodafone and non-Vodafone customers. Vodafone also said that over 56% of these outlets were located in the rural India.

Sharma said that decision to close down payments bank business is also part of the company’s strategy to focus on core business which is the telecom business. Vodafone Idea wrote off Rs 210 crore in the June quarter on account of decision to close its payments bank business. Talking about M-Pesa, which is Vodafone’s M-Wallet offering, the adoption has been low owing to factors such as awareness and lack of ICT networks. For this platform to thrive it is imperative that India also reaches a healthy stage of digital inclusion, that is, connectivity for all.