Vodafone says will offer comprehensive financial services to accelerate cashless economy

Vodafone India today said the payments bank licence will enable it offer a comprehensive portfolio of banking and financial products and services, accelerating India's journey into a cashless economy.

"We are grateful to the RBI for giving us the licence for setting up a payment bank. The licence will enable it to build on this further and offer a more comprehensive portfolio of banking and financial products and services, accelerating India's journey into a cashless economy," Vodafone India MD and CEO Sunil Sood said in a statement.

The company said with over 90,000 'M-Pesa' agents, it is already providing people in remote areas a convenient way to transfer money and make payments.

Vodafone said the company has partnered with several government bodies to run pilots for enabling direct transfer of wages/subsidies and the payment bank licence will enable it to build on this further.

"We remain committed to actualise the government's vision of financial inclusion by leveraging the reach of mobile technology to service the unbanked and underserviced sections of the society," the statement added.