Movida, a joint mobile payments venture between Visa and Monitise, announced a deal last week with ICICI Bank—India’s largest private bank—to provide mobile payments services to the bank’s customers.
“A growing population of more than 1.2 billion coupled with widespread access to a mobile phone, make a strong case for a vast mobile payments opportunity,” Naushad Contractor, the president of Movida and head of the Visa-Monitise venture, said. “The mobile payment services which will succeed in India are simple, interoperable solutions that solve a real consumer need and can apply to any handset, without the need for a technology upgrade or a new purchase. They must be highly secure, reliable and provided by trusted partners. These are the premises of the Movida solution, and we are delighted to be working with ICICI Bank to provide this service to its customers.”
The agreement will allow ICICI payment cardholders to make purchase and pay bills from their mobile phone. Cardholders will be able to access Movida through menu-based USSD mobile technology or interactive voice response in multiple languages.
“This tie-up with Movida provides an added facility in an array of mobile payment options that ICICI Bank offers to its customers,” ICICI Bank Executive Director Rajiv Sabharwal said. “We have seen a high level of demand from consumers to use their mobile phones for financial transactions. We are constantly innovating to meet this demand and empower our customers with solutions that offer greater choice and more convenience. 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.”
The service will operate across all mobile networks using any payment card, both Visa and non-Visa. Cardholders can make payments through Movida’s secure connection after linking their payment card to the mobile phone number registered with the bank, and card account information will be secured by a unique PIN number.