The
second largest private sector lender HDFC Bank today claimed to have
done a global first by launching a mobile phone application that will
aggregate merchants' applications and allow users to transfer funds,
shop, pay utility bills, book tickets and recharge phones. "Our
investors told us that banking will become obsolete and will be taken
over by intermediaries. If they (intermediaries) were to do so
sitting over my existing systems, why not have the capabilities
myself as part of the digital banking?" managing director Aditya
Puri said while launching the application. Puri said he visited
Silicon Valley and met technology companies over three days last
November to understand what they are doing. Accordingly, the bank
developed Payzapp, which will help its customers do multiple
transactions. Unlike prepaid wallets launched by its competition or
non-bank companies, a customer's debit or credit card will be
connected to the application and multiple transactions can be carried
out on the same. A customer can transfer funds, recharge mobiles, pay
bills, do travel bookings, book movie tickets; and order food,
grocery and music using the specially created app, which can be
downloaded from the Google Play Store from June 15. A customer can
also apply for loans, purchase insurance and the bank will also give
investment advice through it. The customer can do transactions and
for payment, the amount will be debited directly from her credit or
debit card. In a bid to make it more convenient, the bank has done
away with the need to key in the one-time password for such
transactions. Bank's senior executive vice-president Parag Rao said
there are three levels of security, including device mapping and
matching of the card number with the registered mobile number, which
takes place at the backend to carry out a transaction. The product is
fully compliant with RBI's two factor authentication and has also
been cleared by the regulator, he said. The bank, however, did not
disclose the investment which it has done for the product. At
present, there are over 15 large merchants like Cleartrip, Flipkart,
PVR, Bookmyshow, Indigo etc that have already tied up with the bank
for Payzapp and it is targeting to take the total number of merchants
to 10,000 in 45 days. In the next four months, customers will also be
able to use the mobile phones to execute purchases at physical
locations using the QR codes and near field communication
technologies, Rao said. Eventually, it plans to make it possible for
customers of other banks and financial companies to also register on
the bank, Rao said, adding that there is technology which makes this
possible at present.
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