27 July 2016 Current Affairs: Vodafone M-Pesa, a mobile phone-based money transfer service, has tied up with Punjab State Power Corporation Limited (PSPCL) to enable consumers pay their electricity bills instantly.
Vodafone M-Pesa offers customers a cashless, secure platform for electricity bill payments with the largest network of agents (or CashIn Points) to enable digitisation of money for cash holding population.
M-Pesa is a mobile phone-based money transfer, financing and microfinancing service, launched in 2007 by Vodafone for Safaricom and Vodacom, the largest mobile network operators in Kenya and Tanzania.
It has since expanded to Afghanistan, South Africa, India and in 2014 to Romania and in 2015 to Albania. M-Pesa allows users to deposit, withdraw, transfer money and pay for goods and services (Lipa na M-Pesa) easily with a mobile device.