The days are not far when mobile phones will act as plastic money. 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 Mumbai-based IT firm Littleworld to evolve the technology, ICICI Bank general manager B Madhivanan said on Friday.
Under the new system, a merchant has to send an SMS to Littleworld, which will have the customer's mobile database. Following authorisation by ICICI Bank after checking the balance of the customer's account, an SMS will seek the customers' authorisation. Following the customer's authorisation the transaction will be completed. The merchant will be paid the money by the bank the next day.
"We have launched the pilot project in some 100 outlets and for customers in Delhi and Mumbai. The project will be ready in some months time," Madhivanan said.
"Based on the results of the pilot project a proper rollout will be initiated," he said.
{{/usCountry}}"Based on the results of the pilot project a proper rollout will be initiated," he said.
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