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Mobile phones to act as plastic money

Written by: Staff

Kolkata, Apr 07 (UNI) Days are not afar when people would use mobile phones for cashless transactions.

ICICI Bank has joined hands with mobile service provider Airtel to evolve "M-cheque", a mechanism to facilitate cashless transactions.

All that a customer has to do is to have an Airtel SIM connection with 32K capacity.

ICICI Bank has engaged "Littleworld" to evolve the technology, ICICI Bank General Manager B Madhivanan said.

Under the new system the shopowner has to send an SMS to "Littleworld" which will have the customer's mobile database.

Following authorization by ICICI Bank after checking the balance of the customers account, an SMS will seek the customers' authorisation.

Following the customer's authorisation the transaction will be completed and the shopowner will be paid the money by the bank the next day.

" We have launched the pilot project in some 100 outlets and customers in Delhi and Mumbai. The project will be ready in some months time," Mr Madhivanan said.


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