mChq

Posted on | September 19, 2005 |

Airtel, in collaboration with ICICI Bank and VISA has launched mChq in Mumbai and Delhi NCR, which enables Airtel customers and ICICI Bank VISA cardholders to pay for their purchases using Airtel mobile phones.

The transaction process is one where the retailer/merchant sends an SMS mentioning the amount to the customer. The customer enters his/her personalized PIN number and sends an SMS back to the retailer acknowledging the amount to be paid. Both the parties then get a confirmatory SMS indicating the completion of the transaction.

There is a monthly fee of Rs 10 for using this service, which would be added in the monthly credit card bill of the customer. There would also be a SMS charge for the transaction over and above the normal rate of transaction levied upon the use of credit cards.

Giving the rationale behind launching this, ICICI Bank executive director Chanda Kochhar said,

“According to statistics, card transactions only 1.8 percent of the total per capita income of India. We are targeting the rest of the cash/cheque base of 98 percent to migrate to this new service. Also the potential of adding more applications is huge. The service is also expected to revolutionize the entire merchant acquiring side in India.

Category: Payments

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One Response to “mChq”

1. hitesh
   March 5th, 2006 @ 12:03 pm

   when it will be launched thruout india ?

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