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Visa and Monitise to Offer Mobile Banking Service to Indian Bank
Published on:
Movida, a mobile payments joint venture backed by Visa and Monitise, has signed an agreement with India's HDFC Bank to introduce mobile payment services.
The new service allows HDFC Bank customers to pay bills, top up prepaid airtime and buy tickets from their mobile phone and is designed to operate across all mobile networks using any Visa and non-Visa branded payment account.
The new service uses menu-based USSD mobile technology. After linking their HDFC Bank Visa or non-Visa payment card to their mobile phone number, cardholders can access the service via USSD over Movida's secure connection. From then on it is just a matter of selecting the payment service require and making the payment. The simple menu can complete a transaction in only a few steps.
The service is initially being offered to a select number of valued customers before being rolled out across the country later in the year.
USSD
USSD is a protocol used by GSM cellular telephones to communicate with the service provider's computers. USSD can be used for prepaid callback service, mobile-money services, location-based content services, menu-based information services. USSD messages are up to 182 alphanumeric characters in length. Unlike Short Message Service (SMS) messages, USSD messages create a real-time connection that remains open and allows for a two way exchange of a sequence of data. This makes USSD more responsive than services that use SMS.
Tags: [visa] [monitise] [mobile banking] [India]
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