Virtual Credit Card now possible on Mobile possible in India

26Feb08

Reliance Communications and  HDFC Bank have come together to introduce the virtual mobile credit card service for the first time in India. Under this facility a Reliance Cellular phone will also function as a credit card and the mobile number will work as a credit card number.

The facility will also have a transaction passcode just like Credit card and in case of  theft of mobile phone there will be zero financial liability on the user.

The technology introduced a couple of years ago, in the world markets, has done very well in eastern countries like Philippines, Japan and South Korea.

According to Mr. Mahesh Prasad, president of the content group, solutions and applications at Reliance Communications, this facility has the potential to become too popular with the customers. It is not only a convenient payment option but also removes with the risks of carrying credit cards and disclosing the details at the cash counter.

“Initially, the service would allow card and mobile holders to make payments to limited merchant partners like Adlabs, Yatra and Billdesk, with the list to be expanded to other major partners following the roll out,” Mr. Prasad said.

HDFC Bank’s country head for IT, CN Ram said that this new facility will be an alternative payment option for their customers who feel easy to reveal their credit card details online.

He further added that there  is no exclusive contract with Reliance Communications and in future they will be looking for tie ups with other mobile companies for similar services.


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