The service was launched in Mumbai in July and it will be expanded across the country in a phased manner, a company source said.
The source, however, refused to share a timeline for the availability of the service across pan-India.
Mobile operators like Bharti Airtel, Vodafone and Tata Teleservices are already offering such mobile wallet services.
As per the company's website, Idea Money is a semi-closed prepaid payment instrument offered by Idea Mobile Commerce Services Limited (IMCSL), which has got a licence from Reserve Bank of India to offer this service.
"Simply put, it is a prepaid account which can be accessed using your mobile phone or the Internet for conducting a variety of transactions like prepaid mobile recharges, DTH recharges, utility bill payments, money transfers & more," Idea said.
Idea Money currently allows prepaid mobile recharges, DTH recharges, utility bill payments and money transfer. The company though plans to introduce payment for shopping and ticketing transactions later.