SBI unveils pre-paid cards on mChq platform

Category: Payments | No Comments | Posted on October 30, 2005

State Bank of India jointly with Visa International launched pre-paid cards on the mChq platform, which is a mobile-to-mobile payment option. It will enable students, faculty and staff of IIT and those living in nearby areas to pay for their purchases with their Airtel mobile phones.

Here is how the systems works:

The service will be available to Airtel subscribers who have an SBI pre-paid card.

SBI pre-paid cardholders will provide their mobile numbers or a secure identity code. This is keyed into the merchant’s handset with the transaction amount and the merchant’s Personal Identification Number.

The transaction details are then processed and sent to the customer’s mobile for immediate verification. The customer can access funds for the transaction by keying in the PIN number.

The merchant is given authorisation with an electronic message that is recorded and stored on the SIM card by both the customer and the merchant.

Mumbai-based company A Little World is the technology partner of Airtel and powers the mChq technology.

Related: mChq

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