The systems consisting of azure (Az) dyes in presence of sonicated aqueous dispersion of phospholipid generate photovoltage when studied in a photoelectrochemical cell. A possible mechanism of photovoltage generation suggests the photoinduced electron transfer from phospholipid to Az dye in liposome. The electrode kinetics of the photoinduced redox reactions in the cell have also been studied to confirm the mechanism of photoinduced electron transfer as well as the interaction between Az dye and phospholipid.