Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
24th February 2012
HDFC mobile banking with Monitise and Visa
HDFC is to launch mobile banking and payment services. The technology comes from Movida, the Visa Inc. and Monitise Indian 50/50 joint venture.
HDFC customers will be able to pay bills, add PAYG credit and buy tickets using their mobile phone. The service will work by connecting a payment account to the new service which does not have to be Visa branded. The service can be accessed with a basic mobile phone using the unstructured supplementary service data (USSD) over Movida's secure connection. Only the customer's pre-registered phone can be connected to the service and a unique PIN is required to access the account.
Naushad Contractor, president, Movida, says: "This technology will be a game changer the way the iPhone was for mobile phones. This is a smart service for smart people and epitomizes everything Visa and Monitise stand for: it is fast, reliable, secure, and simple - and it will change the way consumers in India pay, forever."
Standard Chartered already offers a mobile banking service in India in connection with Monitise. A number of other mBanking services are currently under development.