Movida Signs Deal with ICICI Bank to Offer Mobile Payments in India (July 22, 2013)
July 22, 2013
ICICI Bank customers soon will be able to pay bills, make purchases and reload prepaid airtime from their mobile phones. India’s largest private commercial financial institution today announced a deal with Movida, the joint venture between Visa Inc. and Monitise, which enables consumers to use Movida’s mobile payments technology regardless of phone type, including basic models.
After linking a payment card and PIN number to their mobile phone numbers registered with ICICI Bank, cardholders will be able to make payments through Movida’s secure connection, according to the announcement. The service is designed to operate across all mobile networks using any payment card. Last year, Movida signed an agreement with HDFC Bank in India to offer mobile payments services to the bank’s customers.
“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,” said Movida President Naushad Contractor.