This service is aimed at India’s unbanked areas, where it is harder to manage finances such as reliability of intermediaries, distance to formal banking infrastructure, legitimate KYC, andfinancial illiteracy.
The Mobile Money service offers various 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. The Mobile Money service works instantly without a data connection.The Mobile Money service would be first available in Chennai, TamilNadu. It would gradually be rolled out to other parts of the state and rest of the country in 2013.
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