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Topic : Mobile Banking in India
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Mobile payment systems- potential challenge for credit card companies..!!

Created by : Shyamal Maity, Sales/BD Manager, AT&T  | 05 20 2009 10:12:05 +0000
Industry : Telecom/ISPFunctional Area : Business Policy(Strategy & Execution)
Keywords : challenge credit card potential mobile payment system
Activity:  443 views;  last activity : 07 06 2010 20:18:09 +0000

Finally it is happening in India as well…mobiles phones doubling up as a payment mechanism. Just a couple of months ago, we had to scouting around to find if this was possible in India. But now this is something coming up in every industry..latest being insurance. 

So, the Credit card companies had better watch out, for this competitor has the potential to yank the carpet from under their feet.

  
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This is the stark reality of today’s world. Product manufacturers and service providers typically guard against the threat of new entrants in their industry and try to put up entry barriers. Consumers often find themselves burdened with the task and will definitely look up for easier way out.. may be not now but in the near future it will definitely be a challenge to the credit card companies.
By Sonal Singh, Project Manager, Nortel Networks  05 20 2009 10:21:44 +0000
 
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I dont think so!

Payments made from mobiles are definitely an advantage that Sp's are using to enroll more consumers on their ship! But these payment gateways are linked to either a VISA / MASTER credit company! You have to punch in your card numbers for the payment to be made to our accounts! How else are you going to validate the amount that is being paid into your account and from your account? Banks will never directly link themselves to these gateways as their is a considerable security risk involved while making these payments from your mobile!

The payments in all probabilities will have to be made through your credit / debit cards only!
By Makrand Bhave, Marketing & MICE, WIZCRAFT International  05 25 2009 04:23:26 +0000
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yes with the upcoming technalogies and advancement evry thing is possible so y not with it .. defintly mobile payment can have impact on the efficacy of credit card companies
By varsha , Head/VP/GM-Quality, frac  | 05 24 2009 13:45:21 +0000
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Yes Mobile compnay Slow and steady will take a bigger Share From credit Card -- plastics Cards ,

I personally feel once the CIBIL which now accessible to banks & NBFC expands to telecom Sector , Mobile banking will take a Boom after that . Small Credits of 4000--10000 Range Will be given to users and will Start Functoing on high beta Intrest if not paid back on time and Same time Credit card Co will Come up with Mobile Softwares Which can be used by GPRS or bluetooth ( at locations) to Make Payment using mobile gateway . if Credit cards do this they will Win ..as they give much higher credit to Clients than what telecom Co will give
By Chirag Kabani, Technical Analyst , askchirag.com  | 05 24 2009 08:29:14 +0000
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There is no doubt about it.  Exploring multiple payment options are going be here in India too.  But how far the stake holders reach in automating the process to expedite the cash flow/transactions, will always be a questionmark.  There is a need huge for regulations here (like TRAI/RBI/IRDA.)  Some norms need to be drafted and followed up to facilitate the services as per regulatory requirements.

Very recently I had observed unacceptable delays in updating/reaching payments at biller end (especially in payment made to gov. service providers)  This may raise a questionmark on trust and promptness of the services.

Hope things will improve soon.
By Nilesh Jain, Project Manager, A Leading Media/Telecom Co.  | 05 22 2009 10:18:32 +0000
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Totally agree with Sonal and srinivasan...and may be not now but in near future it will be creating problem for the credit card providers...as of now security is the main issue here...
By Radha Sundaram, Sales/BD Manager, Bharti Airtel  | 05 20 2009 13:11:55 +0000
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Mobile application are increasing rapidly, but mobile payment option would take a bit longer because of the other factor concerning security. Challenge to Credit card companies.
By Srinivasan , Area Manager, Shriram Life Insurance Company Limited  | 05 20 2009 11:29:01 +0000
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....Both have their own prospects ...i think the major concern here is "Security" and "reliabilty"...let c wats gonna happen near future...
By !manpreet $ingh, Management Trainee, PageTraffic  | 05 20 2009 11:20:00 +0000
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I dont feel that it will be a great threat to the credit card companies but it will definitely increase the competition for them. What do you say friends?


By Shyamal Maity, Sales/BD Manager, AT&T  | 05 20 2009 10:12:05 +0000
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