Vodafone India has announced the launch of M-Pesa, a mobile phone-based banking service first established in Africa, that aims to provide deposit, withdrawal and payment services to 700 million Indians with no access to traditional banking services.

Story highlights

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

Hong Kong CNN  — 

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.