Idea Cellular has launched its mobile banking services, Idea Money to allow its customers to conduct transactions such as money transfer, utility bill payments and prepaid mobile and DTH recharges, through their phones. The new service has been launched by Idea Mobile Commerce Services Limited (IMCSL), the mobile banking subsidiary of Idea Cellular. IMCSL received a mobile wallet license from the Reserve Bank of India (RBI) in December 2013 for a period of five years.
With Idea Money, the customers can create prepaid accounts accessible using mobile phones or the Internet to carry out a variety of transactions. The company has partnered with Axis Bank to provide these transfer services. It also plans to extend the Idea Money services to allow for payment for shopping and booking tickets.
