What this Fuss all about?
Mobile banking is still not common in India. Reliance has tied up with HDFC bank to introduce Mobile Credit Card –termed under the name “Reliance MPay”. This will transform your Reliance cell phone into a credit card or better to say a virtual credit card.
Reliance though has a financial arm, called Reliance Money, but it does not have a credit card in the name of Reliance. However, under this Mpay scheme, a HDFC Bank credit card holder who also has a Reliance mobile can use the MPay service which will transform his Reliance Mobile Phone into a credit card. You no longer need to carry the credit card, but just carrying your Reliance Mobile phone will be sufficient for making a payment.
Thus the Reliance Mobile becomes the Credit Card while the mobile number becomes the Credit Card number.
Reliance mPay service is expected to be used at various retail outlets just like any other credit card accepting establishment, but for a start, it will be used ONLY for payments of Reliance Mobile bills and Reliance Energy electricity bills.
| India presently does not have a PIN no. based authorization for credit card swipes, but using MPay from Reliance Mobile will require a PIN, hence it will be far safer to use than the conventional credit card. No details are available about the charges that one needs to pay for using the MPay service, either to Reliance Mobile or HDFC Bank. Hope this begins a new era of mobile banking in the India Markets. | Table of Contents |
1 comment:
Looks like a cool concept!
Is this kind of thing already prevalent in the west? What about the UK, for example, Shobhit?
Incidentally, you do have the option of PIN verification on select credit cards in India, but you have to expressly ask for it.
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