HDFC Bank and Reliance Communications have come together to introduce
the virtual mobile credit card facility for the first time in India.
Under this facility a Reliance mobile phone will also function as a
credit card and the mobile number will act as a credit card number.
The facility will also have a transaction passcode and in case of
mobile phone theft there will be no financial liability on the user.
The technology introduced a couple of years ago, in the global
markets, has done very well in countries like Philippines, Japan and
South Korea.
According to Mr. Mahesh Prasad, president of the applications,
solutions and content group at Reliance Communications, this facility
has the potential to become very popular with the customers. It is not
only a convenient payment option but also does away with the risks of
carrying credit cards and disclosing its details at the cash counter.
"Initially, the service would allow card holders to make payments to
merchant partners like Adlabs, Yatra and Billdesk, with the list to be
expanded to other partners following the roll out," Mr. Prasad said.
HDFC Bank's country head for IT, CN Ram said that this facility will
be an alternative payment option for their customers who don't like to
reveal their credit card details online.
He further added that they do not have any exclusive contract with
Reliance Communications and in future will be looking for tie ups with
more mobile companies for similar services.
via rupeetimes.com
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