Last year mobile money service called ‘m-paisa’ was pitched by HDFC Bank and Vodafone in India. This service was estimated to reach rural population of India where it is difficult for a broadband provided to reach. There is a new development in the mobile payment market of India, Movida India (a mobile payments joint venture between Visa and UK-based) has ties-up with HDFC Bank to provide mobile payment services in the country.
According to the new agreement, HDFC customers can pay bills, buy tickets and top up prepaid airtime just like any other m-payment service. Customers can link their HDFC bank account Visa or non-Visa payment card to their mobile phone number, cardholders can access the service via USSD over Movida’s connection. This service works on all mobile network using both Visa and non-Visa payment accounts. To access information customers can set up their PIN number on their phone.
Movida India, a mobile payments joint venture between Visa and UK-based mobile financial technology company Monitise.
In the year 2009, it was reported that worldwide mobile payment services might reach 190 million users by 2012 . There are few service providers who has unveiled m-payment services in India like Nokia Money, ZipCash, Airtel Money, etc.
Lets see how the Mobile Money story will unfold in next few months?