ICICI Bank & Movida partner on mobile payments service

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Mumbai: Movida, the mobile payments joint venture between Visa Inc. and Monitise, has announced a deal with ICICI Bank, India’s largest private sector bank, to utilize Movida’s mobile payments service for the Bank’s customers.

The service will enable ICICI Bank payment card holders to pay bills, recharge prepaid airtime and buy cinema tickets from their mobile phone, anywhere, anytime. It will be possible to access Movida either through a menu-based USSD mobile technology, or an Interactive Voice Response (IVR) in multiple languages. These options make the service easy to use and are widely available from any type of mobile phone, including basic models.

Soon to be implemented by ICICI Bank for its payment card holders, the service is designed to operate across all mobile networks using any payment card – Visa and non-Visa. The cardholders will be able to make payments through Movida’s secured connection after linking their payment card to their mobile phone number registered with ICICI Bank. Their card account information will be kept secure by a unique PIN number.

Rajiv Sabharwal, Executive Director, ICICI Bank, said, “This tie-up with Movida provides an added facility in an array of mobile payment options that ICICI Bank offers to its customers. We have seen a high level of demand from consumers to use their mobile phones for financial transactions. This service by Movida will ensure they can get immediate access to a secure and simple solution that can be utilized even without an active internet connection.”

Uttam Nayak, Group Country Manager for India & South Asia, Visa, said: “ICICI Bank customers can now use their basic mobile phones, to make payments like telecom recharge and utility bills in a convenient and secure manner. Movida also aligns to the national vision of making India a cashless society. Movida’s services combine the strength and robustness of existing infrastructure with the latest mobile payment technology to provide simple, secure services for everyone.”

With the Movida mobile payments service users are required to punch a simple USSD code sequence (*575#) into the handset to access the service. It means that any handset can be used to access services making it widely available given the pervasiveness of basic handsets in the Indian market.

Kerala IT News

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