The Mobile Wallet!

It seems that the partnership of HDFC and Reliance Communications, has initiated the first step on the road to technological simplification. By simplification, I mean hassle free credit solutions which the self proclaimed; ‘India’s first virtual mobile credit card’. Of course, when two giants unite they are bound to do something unique. Perhaps the latest ‘mPay credit’ is an outcome of such a strategic alliance. Before I talk about the benefits of this mobile wallet let me give you an overview of this unique scheme.

This plan is exclusively available for reliance mobile users who have an access to HDFC credit cards. The reliance mobile will act as a credit card and the mobile number will be the credit card number. In other words, the users will be spared of carrying a plastic card.

Usability:
Till now, the plan seems interesting, but what about its usability? This scheme is a blessing for Reliance users for paying their postpaid bills, Reliance Energy monthly electricity bills and getting pre-paid top-ups. Furthermore, users can even make payment to merchant partners like Adlabs, Yatra and Billdesk. Easy movies, easy travels and easy bill payments: “easy” is the magic word.

Security:
The uniqueness of this venture is amplified through its security features. In case of mobile card, money is protected as there is no risk of card skimming or card compromise on the Internet. Any kind of financial risk is minimized with the exclusive PIN allotted at the time of the issue of virtual credit card. Even in the case of a mobile theft, the PIN protected feature will evade any kind of credit manipulation.

I personally feel that this scheme is a benchmark in the direction of simplified payments. I am eagerly waiting for the day when all the mobile service providers and banks will join to form an easy payment nexus to envelope the entire country.