RBI bars a promoter from owning a prepaid payments business and a payments bank separately
Vodafone and Idea Cellular merged in August 2018
The joint entity posted a consolidated loss of INR 4,882 Cr in Q1 2019
After the merger of Vodafone and Idea went through in August 2018, the joint entity became India’s second largest telco. However, a legal challenge arose with the functioning of the payment interfaces of both companies.
To address this challenge, Vodafone M-Pesa, Vodafone’s fully-owned payment platform is considering merging with its associate, Aditya Birla Payments Bank, or a third party. The plan to find takers for M-Pesa was announced during Vodafone Idea’s fourth-quarter earnings call on Monday.