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ICICI Bank teams with Vodafone to bring mobile commerce to India

Stephen | November 22, 2012

ICICI Bank partners with Vodafone to introduce m-pesa

India’s ICICI Ba mobile commerce partnership nk, one of the largest financial institutions in the country, is gearing up to launch a new mobile commerce service for consumers. The bank has teamed with Vodafone, a British multinational telecommunications company, in order to develop the platform and its associated application, called “m-pesa.” The mobile commerce initiation will be managed by Mobile Commerce Solutions, a wholly owned subsidiary of Vodafone, which will provide services to India’s growing mobile consumer population.

Indian consumers demand mobile commerce solutions

Mobile technology is becoming more common throughout India. As the country economy becomes more robust, consumers are finding it easier to purchase smart phones and other such devices. As these devices become more common, consumers are beginning to show more interest in mobile commerce and other services. ICICI Bank has taken note of this growing interest and is now moving to ensure that it can serve these consumers in an adequate fashion.

Application allows for mobile payments

The m-pesa application will allow ICICI Bank customers to use their accounts to purchase goods from retailers. The launch of the mobile commerce solution will be limited to the eastern region of India initially. This region includes Kolkata, West Begal, Bihar, and Jharkhand. ICICI Bank and Vodafone will keep a keen eye on the performance of the solution during this limited launch. Currently, the two parties foresee a phased launch, where the mobile commerce platform will be introduced to the rest of India in numerous stages.

Vodafone offers innovative security

ICICI Bank chose to team with Vodafone because of the company’s broad distribution reach and its innovative security protocols. Security is one of the most important aspects of mobile commerce and an issue that has been attracting a great deal of attention in recent months. Lackluster security from some mobile commerce platforms have left consumers with concerns regarding NFC technology and the safety of their financial information. Vodafone may be able to quell these concerns with its security features and help Indian consumers warm to the concept of mobile commerce.

National Cyber Security Alliance survey highlights mobile security

Lucy | November 19, 2012

National Cyber Security Alliance predicts consumers becoming more concerned over security

Black Friday is widely known mobile security as a day when retailers offer major deals and discounts on a wide variety of products. As the day after Thanksgiving, Black Friday is the most important day in the retail industry, in terms of business. The following Monday is known as Cyber Monday, largely due to the fact that a wide range of electronics go on sale in a move that is very similar to what occurs in the retail industry on Black Friday. A new survey from the National Cyber Security Alliances and McAfee suggests that these two shopping holidays could mean major security issues for consumers.

Data breaches leave many consumers leery of mobile commerce

Mobile commerce is expected to play a major role in t his year’s holiday shopping. More consumers have access to smart phones and other mobile devices as well as mobile payment platforms that make it easier to purchase goods. These platforms could be a major boon for some shoppers that have trouble finding the products they want, or those than want to avoid long lines and make a purchase quickly and efficiently. The survey from the National Cyber Security Alliance shows that the vast majority of these consumers do not feel safe while they are online on their mobile devices, however.

National Cyber Security Alliance survey shows majority of consumers do not feel safe online

The survey notes that 90% of mobile consumers do not feel safe when shopping online through their mobile device. The National Cyber Security Alliance notes that over the past year, one in four consumers received notifications from businesses that informed them that their personal information has been lost of compromised due to data breach. These data breaches have left many consumers wary of online shopping and mobile commerce. While many consumers are still inclined to participate in mobile commerce, the survey suggests that these consumers should take steps to ensure their information is protected.

Consumers can take steps to protect their information

There are several ways consumers can keep their financial information safe without relying on other companies to do all the work for them. One way is to ensure that a smart phones or mobile device is free from all malicious content. This can be done using anti-virus software that is made specifically for mobile devices. Keeping an eye on what kind of information companies collect through mobile transactions is also a good way to know what information may be put at risk. Consumers can control what information they share, thus mitigating any risk they may face.