Monday, May 19, 2008

From voice to wallet – paying through cellphone

Mobile phone is going to be more than mere being used for communication now it will serve as your ATM and credit card.

Basically wallet phone concept was introduced by the Japanese telecommunication major NTT-DoCoMo way back in 2004. The device has the features of a cell phone and credit card with the help of a multi-application built-in smart card. All the financial transactions involving ‘debt and credit’ cards can be operated wirelessly through your mobile.

The smart card uses the prepaid concept and can be charged for the payment from the store where a reader is installed.

In India, mobile wallet will have a combination of a smart card as well as the power of the SMS. So in the coming years, if you want to eat out, buy movie tickets, book a flight, shop, all you would need to do is send an SMS!

In 2005 Airtel launched a mobile wallet service and many more banks are following the line and partnering with mobile payment providers to offer the service. At present in India the payment players are mChek, Obopay and PayMate. Transaction is in encrypted text message format. You need to have a GPRS enabled phone, which has a JAVA based download able application platform and a credit or debit card account with one of the partner banks. The phone will have the details of the owner’s credit and the application will initiate a payment or transaction securely after PIN verification. The transaction will take place between the mobile phones and backend servers using GRPS thus eliminating security breaches.

The Reserve Bank of India is formulating the regulatory guidelines for mobile payments to ensure that the entire process is secure. The final draft is expected by June 2008.

Working of Mobile Wallets:

With mobile wallet you do not need to carry your heavy conventional wallet everywhere as all your card information will be stored in the phone. Only your mobile SIM card needs to be replaced with a software- enabled smart card from a service provider like mCheque. For instance, if you purchase a smart outfit from an outlet which is "MW equipped”, the retailer will use a special phone to send a message to your mobile indicating the amount you have to pay. On confirming your purchase with your unique four digit password, a confirmation SMS will be sent to you as well as the retailer and your purchase will become legitimate. You only pay for the SMS you send while validating the transaction. The entire process is secure and takes just about a minute. Above all, an item costing as low as fifty rupees can be yours with this technology.

Recently Bharti Airtel has tied-up with ICICI Bank and Visa Card, launched it’s mChq service in Delhi and Mumbai. Currently there are very few locations which accept this service as a mode of payment.

It is believed the mobile wallet will have to face the challenges of scalability, reliability, and cost to effectively cost to effectively monopolize the Indian market.

19 comments:

himanshu said...

i want to purchase flats in mira road (east) or in bhayandar (east) or (west) i deal in cash no any loan requied pl call mr. himanshu dinesh dureja on 09223341688.9223341829.09223538547.02264513970.9324506374.09920838547

FAAZ said...

I am interested in 3 bedroom flat at pune if you have any best deal offer from Banks who wants to auction flat for defaulters from within above area pl. let me know the price details & area on which such flat is located mail me ferozss@rediffmail.com

Unknown said...

i am interested in 1bhk flat in mira road or virar west.if you have any best deal offer from Banks who wants to auction flat for defaulters from within above area pl. let me know the price details & area on which such flat is located.
sangeeta

englisg said...

Hi,
I will interested in your auctioned properties within a maximum budget of 25 to 30 lakh inbetween. any nice property comes from Andheri to borivli.Kindly get in touch on the below given mail id

Nitin said...

I am interested in a flat at navi mumbai (Nerul, Kamothe, Belapur, Koperkhairne & Ghansoli, if you have any best deal offer from Banks who wants to auction flat for defaulters from within above area pl. let me know the price details & area on which such flat is located.

Unknown said...

i am interested in 3 or 2 bhk flat in hyderabad near kukatpally - bhel main raod, and i will go for laon to buy this property please let me know if you have any best deal offer from your Bank, within above area pl. let me know the price details thanking you

Unknown said...

I am interested in 2 bedroom flat at kalyan, dombivali,or navimumbai area if you have any best deal offer from Banks who wants to auction flat for defaulters from within above area pl. let me know the price details & area on which such flat is located mail me pdsim143@gmail.com

arun said...
This comment has been removed by the author.
arun said...

I am interested in a 2BHK flat at navi mumbai (vashi,Nerul, Kamothe, Belapur, Koperkhairne & Ghansoli, if you have any best deal offer from Banks who wants to auction flat for defaulters from within above area pl. let me know the price details & area on which such flat is located.pl reply-arunsaxena2009rediffmail.com

Unknown said...

i can offer ready possession flats as under,
1.borivali east,2 minutes walkable fero rly station,417 sq.ft,in a regd chs.
2.new panvel 650 sq ft 2 bhk,sector 11,main road.
3.i can assist bank/drt property auctions for various parts of mumbai/navimumbai/thane areas on proffessional terms.

interested may contact
pthakkar3@gmail.com

appa said...
This comment has been removed by the author.
Unknown said...

i am looking for 1RK or 1BHK in navi mumbai area belongs with nerul,juhinager,sanpada,sewoods, & belapur bet range 15 to 17 lacs so please contact me on 9221859178,
9221480765,9869242326


email: pratibhabagdane@yahoo.in
sanjaypp_1970@yahoo.in

yogs786 said...

am interested in 1RK flat at Panvel ( navi mumbai ) if you have any best deal offer from banks who wants to auction flat for defaulters at above area pl. let me know the price details and area on wich such flat is located.

Unknown said...

pl call me if flat is there on 9892702034

Unknown said...

pl call me 4 flat
9892702034

Unknown said...

comani

Unknown said...

i want to purchase flat
9892702034

Unknown said...

This is Mahendra
intrested to buy 1BHK / 2BHK flat from the Banks / Financial Institution ( sale of Auction properties from the defaulters) in & around GHATKOPAR(WEST), KANJURMARG(WEST),POWAI,VIKHROLI(WEST),THANE(W),BHIWANDI , DOMBIVLI
please let me know the complete details like AREA , LOCATION , PRICE ,WHETHER LOAN IS AVAILABLE,POSSESSION PARTICULARS etc . IMMEDIATE PAYMENT .- MAHENDRA 8767633363 mahenshah30@gmail.com .

Unknown said...

Hello,
I am looking for Two room hall Kitchen (2BHK flat) in western suburbs of Mumbailike Borivali, Kandivali, Malad. Please let me know if there is any defaulters flat. In western suburbs