India’s Vodafone and ICICI Bank have reportedly entered into an alliance to launch the ground-breaking mobile money transfer service, M-Pesa, in the Asian economic powerhouse by year-end.

According to India’s Economic Times publication, “the service will be launched through Mobile Commerce Solutions, a Vodafone India subsidiary, and ICICI Bank. It would comprise a mobile money account with ICICI Bank and a Mobile Wallet issued by MCSL.”

The revelations were made by Vodafone India CEO Marten Pieters and ICICI Bank CEO Chanda Kochhar.

This is the first time the service will be launched in India. The service is being used in Afghanistan. M-Pesa enables subscribers to deposit or withdraw cash from special agents, transfer money to any mobile phone or partners’ bank accounts, make payments at select shops and avail of a wide range of mobile payment services like mobile or DTH recharge and utility bills.

The service will initially be launched in India’s West Bengal, Bihar and Jharkhand and eventually rolled out in other parts of subcontinent.