Banking
Plastic Money: HDFC bank’s mobile payment service

Movida, a mobile payments joint venture by Visa and Monitise, has signed an agreement with HDFC Bank to introduce a mobile payment service. The service allows HDFC Bank’s customers to pay bills, top up prepaid airtime and buy tickets. It is designed to operate across all mobile networks using any Visa and non-Visa branded payment account. It can be used anywhere and can be accessed by even basic phones. The system encompasses various security measures to maintain account integrity, including a PIN number to access the account information. Only the user’s bank-registered phone can be connected to the service. The service is being offered to a select number of valued customers initially before being rolled out across the country.

User

Banks: Indian Bank’s account portability facility

Indian Bank has introduced an account portability feature which allows its customers to retain the account number even if they change the branch. The facility would enable customers to have the freedom of operating his/her account from any branch with just a change in home branch code. Customers can approach their home branch or the transferee branch with a request letter for transfer of...

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Plastic Money: Debit cards catching up on cash

Bank customers in India are growing more comfortable with using their debit cards for purchases, according to Visa’s latest Global Payment Tracking Survey 2011. Debit card penetration in India is at 53%, a 4% rise over that in the previous year. This increase can be attributed to Indians’ growing comfort with debit card usage. Over 68% of respondents said that they feel safe; another 51% derive a...

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