ICICI Bank of India, the country's largest private sector bank, is launching Mobile Money with wireless provider Aircel. The program, aimed at the nation's financially underserved population, will run on card brand Visa's platform.

Mobile Money will provide unbanked consumers, those without access to basic financial services, everything from deposits and cash withdrawals to money transfers to bill payment services.

"ICICI Bank has been leveraging technology to provide convenient and easily accessible banking services across the country in line with its financial inclusion initiative," said Rajiv Sabharwal, executive director of ICICI Bank, in a statement. "The launch of Mobile Money is a part of this strategy, which will enable the bank to provide reliable banking services to millions of customers through retail outlets of Aircel."

"We are extremely pleased to be launching Mobile Money to provide our customers with a safe, secure and instant way of managing their financial needs," said Geoff King, head of mobile banking for Aircel said, "By partnering with ICICI bank and basing Mobile Money on the Visa platform, we have joined forces with two companies that have a strong pedigree in financial services, together with a great desire to deliver innovative financial service solutions to better meet the needs of the country's unbanked."

The service will be first available in the Tamil Nadu area of India. A complete rollout will occur through 2013.

Read more about money transfer/P2P.