Of Special Interest
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.