Idea mobile which is India’s 3rd largest mobile operator with 84 million customers launches ‘Idea MyCash’, Powered by Axis Bank to offer basic banking services including money transfer, using the mobile platform. They have already signed MoU with Axis bank last December to offer financial products and services offered by the Bank through the mobile operator’s  retail outlets.

How does this work?

• The remitter must have an Axis bank account who can transfer the amount via ATM, Internet or mobile banking with Idea connection.
• Idea would help opening of ‘No frill savings’ (Zero balance) bank account with Axis bank if the don’t have one.
• The beneficiary who is Idea subscriber who needs to give respected forms in the Idea outlet (would be verified by Axis bank) to receive the amount via Idea outlet.

During the launch Ms. Shikha Sharma, MD & CEO, Axis Bank, speaking at the launch said,

Axis Bank in association with IDEA Cellular is offering a branchless banking solution that provides the elements of security, access and convenience in a cost effective manner. This association in a larger context enables the Bank to undertake financial inclusion by providing a host of financial inclusion products and services through the IDEA mobile platform and offered through select IDEA retail outlets.

Mr. Sanjeev Aga, Managing Director, Idea Cellular said,

Idea has demonstrated the capability to reach out and connect the remote corners of the country and enable the economic and social development of the weaker sections of society. Idea MyCash, in association with Axis Bank, will ride on our deep rooted network to make banking services accessible to millions of Indians and include them in the economic development through financial inclusion.

This facilitates the remitter to transfer amount easily with M-commerce to the places which doesn’t have banking facilities like rural villages. This is useful for people who lives far from their homes, to remit money easily to their family with the mobile phone. This facility offered in the Dharavi – Allahabad remittance corridor to begin with and would be extended to other parts of India.