ICICI, India’s largest-private bank by assets, has launched a new mobile banking service to enable customers to transfer money through mobile phones without connecting to data services.

The service, named Mobile Money, has been developed in partnership with India-based telecoms company Aircel and is aimed at customers who want to transfer money but are not near an ATM or branch.

ICICI said the service will allow customers to make deposits and cash withdrawals, transfer money to third parties and make utility bill payments.

Visa will provide and manage the Mobile Money platform.

Rajiv Sabharwal, executive director of ICICI said: "Mobile Money forms part of our strategy to use technology to provide convenient and easily accessible services across the country.

"The service will enable the bank to provide reliable banking services to millions of customers through Aircel’s retail outlets, helping ICICI to reach the unbanked population."


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