The joint venture between Monitise and Visa has started a strategic deal with the Indian bank.
A new mobile commerce and smartphone payments partnership has now been announced between ICICI Bank from India, and the Visa and Monitise 50/50 joint venture in the country called Movida.
The largest private sector bank and the joint venture signed the agreement for smartphone friendly offerings.
Through this new partnership, ICICI bank intends to make new mobile commerce and payments offerings in a deal that has been compared to the one that occurred in 2012 between the same platform, Movida, and HDFC Bank, the second largest one in India’s private sector.
This will give ICICI’s customers the chance to take advantage of some of the potential of mobile commerce.
Some of the mobile commerce offerings that the Movida platform will provide to ICICI customers include the ability to pay their bills, purchase movie tickets, and recharge their prepaid wireless accounts from their smartphones at any time, no matter where they are.
The Movida platform can be accessed through Interactive Voice Response (IVR) technology that is currently available in a number of different language (which is important considering the diversity in languages in India) or through the menu-based Unstructured Supplementary Service Data (USSD) GSM mobile protocol technology. The hope is that by providing these different mobile commerce options for access, it will help to maximize the number of consumers who will have the appropriate smartphone technology to use it.
ICICI Bank plans to roll out its new mobile commerce options later on in this quarter. It will be available to its payment card holders and will function across all of the different wireless networks through any payment credit card, including Visa, MasterCard, and a range of others.
In order to use the new mobile commerce feature, cardholders will need to link their card of choice to their smartphone number, which has been registered with ICICI Bank. They will then be able to make a payment through Movida’s secured connection. The card data is secured through the use of a unique, customer selected PIN which will be entered at each use.