Visa and Monitise to roll out mobile payments in India

Movida

The joint venture, named Movida, has entered into an agreement with India’s second largest private bank, HDFC, to implement a new mobile payment service (view press release). The solution enables account holders to pay bills, top-up prepaid airtime and buy tickets from their mobile phone. The service is available to all mobile subscribers on any mobile phone, and operates on every network using any payment account. Millions of rural Indians can use the service to make mobile and online payments from their basic prepaid phone.

The service uses menu-based USSD (Unstructured Supplementary Service Data) mobile technology. Having linked their payment card to their mobile phone number, cardholders can access the service via USSD through Movida’s secure connection. The service incorporates security measures such as a unique PIN number to access account information. Only the bank registered phone can connect with the service.

Naushad Contractor, president of Movida comments that the “service is designed for Indians. As we roll out the service to other banks more Indians will be able to benefit from mobile payments… This technology will be a game changer the way the iPhone was for mobile phones…. It will change the way consumers ion India pay, forever.”

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