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Vodafone in link with ICICI Bank to offer mobile money to 700m unbanked people in India
Vodafone India and ICICI Bank, India's largest private-sector bank, have launched mobile money service M-Pesa in a move targeted at 700 million of the country's unbanked population.
It is the biggest move so far for M-Pesa, originally launched by Vodafone associate Safaricom in Kenya in 2007. The service, now available in eight countries, including Tanzania and the Democratic Republic of Congo, allows customers to send and receive small amounts of money via their mobile phones using text messages.
M-Pesa had 17.3 million active customers at the end of 2012 and now has around 100,000...