Speaking at the launch, Reliance Communications President, Application Solutions and Content Group, Mahesh Prasad said, ''The launch of the card is another step to bridge the digital divide. Ever since the introduction of the mobile phone services in the country, our endeavour has always been to provide our subscribers with the best and the unique. I hope the introduction of the virtual credit card would enable our subscribers in easy banking".
When asked whether the tie-up was limited to HDFC Bank only, Mr Prasad replied, ''We are open to similar tie-ups with other financial institutions as well.'' Stating that at present more than 84 per cent of the banking transactions are through e-transfer, ATMs and mobile banking, HDFC Bank Country Manager Retail Liabilities, Marketing and Direct Banking Channels Rahul Bhagat said, ''With the help of the country's first virtual credit card on the Reliance mobile phone, our credit card holders can now shop using Reliance mobile and make payment without disclosing the details of their cards.'' According to an estimate, there are some 240 million mobile phone users in the country, and eight million connections are added every month.
Explaining the concept of the virtual credit card, Reliance Communications Senior Vice President Value Added Services Anil Pandey said that the user can use the ''Reliance mPay Credit Card'' through the Reliance mobile.
''The card can be used with any merchant establishment, of the 120 merchants with whom the company has a tie-up, which accept payment via Reliance mPay,'' Mr Pandey said.
Accordingly, the Bank will authenticate all the payments, using the customers mobile handset.
The virtual card can be used for making payments of Reliance post-paid bills, pre-paid top ups and Reliance energy monthly bills.
The services can be extended to payment of hotel and restaurant bills and purchasing movie and travel tickets.