Vodafone India announced launch of M-Pesa, a mobile phone based banking service
M-Pesa was first established in Kenya in 2007 as a way to transfer money and pay bills
Vodafone says 700mn Indians are "unbanked", with no access to traditional bank services
In 2011, India had 986mn mobile phone subscriptions, second largest after China
For the majority of people in the West banking is as easy as walking to a local branch or ATM, or logging into their account from a computer. But for millions in developing countries, even having a bank account is out of reach. In India, at least, that could be about to change.