Vodafone India on Wednesday announced a new mobile money transfer & payment service that works through text message and doesn't require a bank account.

Announced in partnership with ICICI Bank, the new service, called M-Pesa, which will allow users to make money transfers, submit funds to bank accounts, pay utility bills, pay for shopping at select outlets, in India.

Marten Pieters, managing director & chief executive of Vodafone India, said that mobile technology has a key role to play in servicing people, especially in remorte areas.

Speaking on the topic, he said, "Using M-Pesa, we will provide people in remote areas a convenient way to bank, transfer money and make payments in a safe and secure manner."

Pieters added that service was customized so that it could meet Indian needs well while also ensuring that it was in compliance with all regulatory norms.

To begin with, the new mobile money transfer & payment service will be offered in West Bengal, Jharkhand and Bihar through a network of as many as 8,300 authorized agents. The company aims to service will become available across India in next 12-18 months.