Vodafone India plans to make its money transfer service, m-pesa, available across the country in 2014. Currently, in association with ICICI Bank, the operator is offering m-pesa service in 11 states.
By expanding the reach of its m-pesa service, the operator is looking forward to further consolidate its position in the $60 billion money transfer market in the country, 20 per cent of which is dependent on the traditional channels like post offices. According to Vodafone India, only 35 per cent Indians have access to formal financial services with only one bank branch for every 12,000 people. Only 5 per cent villages have a bank and 73 per cent farmers? households have no formal sources of credit. Besides, 300 million migrant populations across India have limited access to banking services.
Being the country?s second largest operator, Vodafone India is banking on its m-pesa service to provide secure banking services to a large number of users across the country.
