It is quite strange that even acquiring getting Wallet license in 2011 from the Reserve Bank of India, Idea Cellular didn't launch a full-fledged wallet service. On the other hand, other telecom operators such as Airtel and Vodafone are already taking benefits of their own Wallet services Airtel Money & Vodafone M-Pesa respectively.
Idea were remain silent about their Idea Money, but things are now changing after it acquired Payments Bank license a few months back. The Aditya Birla Group-owned Idea Cellular is silently preparing for their new banking service and wallet platform.
Idea has partnered with Axis Bank for this service, and has already opened registrations for Idea Money Wallet platform. For the registration procedure, they are taking Aadhaar number as KYC documents, and this practice is similar to PayTM's strategy. After the launch of its Payments Bank, these accounts will be converted as Payments Bank accounts.
Idea Money Offers:
- On a new online registration for Idea Money Wallet, if you deposit Rs. 200 or more through your online account, you earn a 5 percent bonus of upto Rs. 50.
- Cash back of 5 percent or upto Rs. 50 on payment of your postpaid bill through the Wallet.
As per the recent information from Idea Money, it will soon add support for merchants and ticketing booking services for movies, bus travel, air travel, and rail travel. However, the lack of any app for these service could hurt their plan. If you're an Idea Cellular customer, do you have any plans to use Idea Money? Share your thoughts with us through the comments section.