Reliance Communications and
HDFC Bank announced the launch of India’s first virtual credit card.
The virtual card will do away with the need to physically carry the
credit card and would allow mobile phones to double as a payment instrument.

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Reliance mobile customers can now participate in the mobile credit
card evolution. This is another step towards making mobile commerce a reality in
India, Mahesh Prasad, President, Applications Group, Reliance Communications
said.

Presently, the service will be available to HDFC Bank credit
cardholders, who are also Reliance mobile subscribers.

A top bank
official said HDFC bank has about 35 lakh cardholders and given that RComm has
about 40 per cent market share in the mobile market an estimated 15 lakh people
would be able to use the new facility.

The tie-up between the bank
and Reliance is not exclusive and over a period of time other banks and other
mobile operators would also launch this facility.

It could become a
preferred way of making payment in future as it does away with the risks
associated with carrying cards and revealing its details at merchant
establishments.

Security and convenience are two major benefits of
the new facility, he said.

Internationally, this technology was
introduced only a couple of years ago and has been a great success in countries
like South Korea, Japan and Philippines, Prasad added.

Via Times of India