Aircel and ICICI Bank launches ‘Mobile Money’ in Tamil Nadu

aircel-mobile-money-tamil-naduAircel and ICICI Bank has launched Mobile Money, running on Visa’s Mobile Managed Service.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. Rollout to other parts of the state and rest of the country will happen during 2013.

Mobile operators are increasingly well suited to providing secure and simple 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.

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. On sign-up, customers will be able to use the Mobile Money service instantly on any mobile phone even without a data connection service.

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8 Comments on "Aircel and ICICI Bank launches ‘Mobile Money’ in Tamil Nadu"


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February 9, 2013 5:14 am 5:14 AM

Aditya February 7, 2013 at 4:45 am

AIRCEL has already looted mobile balance of customers in several parts of the country by abruptly discontinuing services since December, 2012 and TRAI has kept quiet. who would trust them for BANKING ???? of all banks, ICICI BANK…. oh God ! what are these people upto…
for that matter nobody trusts maintaining huge balances in mobile for banking purposes. people should be careful .

February 7, 2013 6:03 pm 6:03 PM

I used aircel sim for browsing purpose. i managed to get porting code but my porting was not successful. so i dumped that sim after they stopped signal.

February 7, 2013 5:59 pm 5:59 PM

Hi. arjun. In the post admin mentioned that aircel will expand this to other circles. thats why. in a.p they stopped signals with out prior intimation. most of my friends lost their numbers. you know one funny thing but it happened here in my town. one off the retailer gathered nearly 50 sim cards of aircel and he went to hyd(signal is there)for getting port code. he collected 100rupees from each and earned 5000 in one day. 1000 for his expences.