HDFC Bank, which accounts for almost Rs 25
out of every Rs 100 spent electronically, plans to revolutionize payments by
using QR code readers and near-field communications in smart phones to pay for
purchases in shops. These payment
innovations are the second phase of its mobile banking ecosystem with the first
phase focusing on A getting 10,000 online retailers to join the bank's mobile
banking platform for single-click purchases.
Announcing
the bank's digital strategy on Wednesday, Aditya Puri, CEO, HDFC Bank, said its
latest mobile application Payzapp, besides incorporating the bank's marketplace
Smart buy, would also be a tool for QR code-based payments and contactless
payments using mobile handsets. The key advantage the app would provide would
be enabling mobile purchases from leading e-commerce providers such as
Flipkart, Cleartrip, IndiGo, BookMyShow without downloading individual apps but
getting the same app experience. Secondly , once the transaction is finalized,
the pur chase can be complet ed by merely clicking the `buy' button as the
authentication is already completed by logging onto the bank's mobile site.
“The genesis of our mobile strategy was comments from investors who expressed
concern that we would be disinter mediated by technology companies. We have the largest share of merchants,
cardholders and transactions and the only way we could be disinter mediated is
if we buried our heads in the sand and did not come out with our own
solutions,“ said Puri.
Source | Times of India | 11 June
2015
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