The concept of branchless banking perhaps is all set to expand in India with the issuance of payments bank licences by the Reserve Bank of India. Vodafone M-Pesa is one of the applicants that has received in-principle nod from RBI to set up a payments bank. Vodafone’s mobile banking service in Kenya, called M-Pesa, is usually cited as the biggest success story of mobile banking services globally. M-Pesa is a very successful initiative from Vodafone and is live in nine countries, viz.Romania, Kenya, Egypt, Tanzania, Democratic Republic of Congo, Mozambique, South Africa, Lesotho, and also in India. Today over 700 businesses have integrated with M-Pesa to extend various innovative...
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