Mobile phone banking being piloted in India

Posted on May 21, 2007  /  1 Comments

Hindu Businessline 

ICICI Bank is gearing to conduct a test run next month. The bank
has tied up with Airtel and mChek for the purpose, said Mr Sachin
Khandelwal, Head – Cards Product Group of ICICI Bank.

“A virtual card will be created on the phone through which an individual can carry out complete banking transactions.”

Mr Khandelwal said all a customer had to do was to give his mobile number and the payment to be made to the merchant.

The merchant will furnish the information given via his mobile
to mChek, a mobile payment platform, which in turn will channel it to
the bank for authorising the transaction, before which mChek will seek
customer authorisation (PIN entered authorisation) to carry forward the

Once cleared by the customer, the confirmation will be sent to
the customer again and the merchant to enable him to receive payment
from the bank.

Consumers would want it just for the convenience it offered, said Mr Khandelwal.

1 Comment

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