Movida, the mobile payments joint venture between Visa Inc. and Monitise, has announced a deal with ICICI Bank, India’s largest private sector bank, to utilize Movida’s mobile payments service for the Bank’s customers. The service will enable ICICI Bank payment card holders to pay bills, recharge prepaid airtime and buy cinema tickets from their mobile phone, anywhere, anytime. It will be possible to access Movida either through a menu-based USSD mobile technology, or an Interactive Voice Response (IVR) in multiple languages. The service is designed to operate across all mobile networks using any payment card – Visa and non-Visa.
Rajiv Sabharwal, Executive Director, ICICI Bank, said: “This tie-up with Movida provides an added facility in an array of mobile payment options that ICICI Bank offers to its customers. 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.”Cardholders will be able to make payments through Movida’s secured connection after linking their payment card to their mobile phone number registered with ICICI Bank. Their card account information will be kept secure by a unique PIN number.
Naushad Contractor, Movida’s President and Head of the Visa-Monitise joint venture in India, stated: “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. Mobile payments users spend significantly less time and energy paying their bills, recharging their phones or those of family or friends, or waiting in line to buy tickets to the next blockbuster, because they are able to do it on the go and around the clock. 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.”