-commerce, or paying with your phone, is an idea whose time might soon be here. For starters, it has an advantage over e-commerce with its real-world element. Imagine lugging your PC to the store to buy something. Your phone goes to the shops with you in any case.
Given the potential, Standard Chartered Bank has set its sights on becoming the VISA of the wireless world. To that end, it has tied up with VISA to launch India�s first mobile credit card, Mwallet. Launched as a pilot project among select Manhattan Card (also from Standard Chartered) customers in Bangalore and Mumbai, the Mwallet technology has been developed by Tata Consultancy Services in a strategic alliance with US-based C-SAM Inc (founded by Sam Pitroda, who was instrumental in kicking off the telecommunication revolution in India in the Rajiv Gandhi era), which is involved in providing payment solutions to the banking and financial services sectors.
Mwallet uses an in-built public key infrastructure security (a combination of software, encryption technologies and services that enables enterprises to secure their communications and business transactions on the Internet) and Java-based technology which is available free of cost to Manhattan card owners. That is, to all those card holders who have a GPRS phone with JAVA and infrared technology among others (for example, Nokia 6600 and 6610, Motorola A768i and E398, and Sony Ericsson T610, among others). All the customer has to do is download and install the application software on his mobile phone. He can pay by beaming his card details to the card acceptance machine at the payment counter using the infrared mode from his mobile phone. In other words, no need to carry cash or the credit card. The cardholder needs to enter a PIN number every time he uses his mobile phone for a retail transaction. This cuts out the possibility of misuse unless of course the PIN number has been shared by the card holder.... more