Excuse Me, Can I Swipe My Mobile?

After e-commerce the next cool thing to hit Indian users is mobile-commerce. Earlier I had blogged about Money Transfer through Mobile Phones. It is really catching up especially with Bank Sectors. HDFC Bank is taking the trend to the next level.



HDFC are planning to come out with mobile wallets. Thinking what is so special about it? Well I after reading this you might just just change your mind. The mobile wallet is a kind of substitute for your so called “credit and debit cards”. Instead of swiping your card, one can now use mobile phone for purchases by clicking through the options on their mobile phone.



“We are planning to introduce mobile wallets and remittances in coming years,” said Rahul Bhagat, Executive Vice-President of Retail Banking at HDFC Bank. “We are looking at getting debit card and credit card services on mobile phones for transactions,” he added.



As mobile subscribers number keeps on increasing one can expect a large number of banks to tap this market. Currently, India has 1.6 Million Mobile Banking Users.



Just imagine now one does not need to carry the bunch of credit or debit cards as they used to do earlier. Common man will surely save a lot of time and money and money. Now one does not need to apply for credit or debit cards nor would he need to pay annual fees for the cards.



What more interesting seems is how they are going to promote this service. For starters let’s take it this way (just for fun) – two people conversing with each other one saying “aaj mere paas debit card hai, credit card, gold aur platinum cards bhi hai tumhare paas kya hai?” and the other one replying “bhaiii! Mere paas in sabka tod – Mobile Wallet hai.” LOL


Ok, now getting back to the topic. In an interview Arvind Kathpalia, Kotak Bank head for operations, technology and finance, said that “Mobile banking will also reduce operational costs for banks and also enable us to save money per transaction, which would have otherwise gone to the application provider”.



It sounds the next best thing that could happen to mobile-commerce industry. But what concerns me more are is how is it going to face the challenges like interoperability, scalability and reliability and how much amount will it charge to its users for the service? Yes, the concept is good and appealing too but will surely take some time to kick off in a country like India.

9 Responses to “Excuse Me, Can I Swipe My Mobile?”

  1. December 5, 2007 at 1:10 pm #

    This seems like a working concept. But there are a few holes in this. Like how secure are the servers that will use this information, what are the safety precautios implemented in case of loss of mobile phone and so on..

    How this can be secured – by my perspective again – is if a developer creates the the application which is downloadable (at a charge in case needed) which is connected to a server monitored and maintained by the telecom operator AND the Bank simultaneously. This will ensure security and safety. The application can have an inbuilt cost of renewal of services (for the bank), a one time data fee (for the operator) and a charge for renewal (for the application developer.

    I think this solves all propblems.

    Dont you think so??

  2. Rushabh Choksi
    December 5, 2007 at 1:52 pm #

    Hi Partha,
    New technology always brings in some loop holes and there isn’t any security that cannot be cracked, companies will simply have to keep upgrading with times. but none the less thank you for the step by step security explanation, i hope mobile operators are reading this.

  3. Ronak Shah
    December 5, 2007 at 1:52 pm #


    This posts is really written in a very nice way. I like the title and content very much.

    Keep writing such stuff that is very innovative, new and apply to the masses.

    Good stuff! Keep it up.


  4. Rushabh Choksi
    December 5, 2007 at 2:02 pm #

    Hi Ronak,
    thank you very much. i myself believe in being innovative and writing new and interesting things happening in the world of web,advertising and technology.i request to you and all my readers to guide and help me to improve more, so i can deliver my best.

  5. December 5, 2007 at 3:14 pm #

    “Well I after reading this you might just jump out of your seats.”

    “Common man will surely save a lot of time and money.It will surely save a lot of time and money.”

    I must say, I enjoy reading WATBlog a lot – but you guys will have to improve on the writing :) Keep up the good work though!!

  6. Rushabh Choksi
    December 5, 2007 at 3:30 pm #

    Hey Ravi,
    thx for reading out my article and commenting on it.in a day we write many posts and at times mistakes similar to this do happen.i can assure u i wont repeat such a mistake again.

  7. December 6, 2007 at 1:51 pm #

    Hey Rushabh,

    I completely understand :) You guys are pioneering the tech blogging industry in India so you must lead the way when it comes to editing as well :) Kudos to the great work so far.

  8. Rushabh Choksi
    December 6, 2007 at 2:11 pm #

    Hey Ravi,
    thx a lot.i will surely keep tht in mind.keep commenting.

  9. December 7, 2007 at 3:44 pm #

    Rightly said Rushabh….. M Commerce is set to catch soon the minds / space of credit & Debit cards.

    Also pls use the correct logo of HDFC Bank, this is its parent Housing Development Finance Corporation’s logo ….:-)

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