Under this initiative, HDFC Bank and Vodafone India have partnered to open HDFC Bank ‘MobileBank’ Account with ‘Vodafone m-paisa’. Through this arrangement, customers can now perform basic banking transactions on the mobile phone and even deposit and withdraw cash, at appointed Vodafone m-paisaTM outlets, without having to go to bank branches.
In Rajasthan, the first state, where this national partnership has been implemented, over 2,200 retailers across 320 villages and 54 towns are already operational in opening HDFC Bank MobileBank Accounts with Vodafone m-paisa. Transactions include cash deposit, cash withdrawal, money transfer and balance enquiry.
How To use Vodafone m-paisa Mobile Money Service in India.
Mr. Sunil Sood, Director – Business Operations, Vodafone India, says, ”Vodafone m-paisa” is a pioneering initiative modeled on the lines of Vodafone’s m-pesa product running in three different countries of Africa, offering more than 17 million people, basic financial services, beyond the reach of traditional banking. With Vodafone India’s reach and ability to connect to customers, we expect many million people to come into the banking fold through Vodafone m-paisa in the coming years. We are pleased to work with HDFC Bank, as partners, to jointly offer our products to our customers”