01:26 am - Tuesday 22 August 2017

ICICI Bank inks deal with Movida to offer mobile payments service to customers

By insightVAS - Mon Jul 22, 5:26 pm

ICICI Bank has tied up with Movida, the mobile payments joint venture between Visa Inc. and Monitise, 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. Movida can be accessed either through a menu-based USSD mobile technology, or an Interactive Voice Response (IVR) in multiple languages. These options make the service easy to use and are widely available from any type of mobile phone, including basic models.

Commenting on the tie up, 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.”

ICICI Bank will soon implement it for its payment card holders, the service is designed to operate across all mobile networks using any payment card – Visa and non-Visa. The 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.”

He also added, “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.”

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