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Our Bureau

Mumbai , Oct 28

STATE Bank of India jointly with Visa International launched pre-paid cards on the mChq platform, which is a mobile-to-mobile payment option.

This card will be first introduced for Airtel subscribers at IIT-Bombay, Powai.

It will enable students, faculty and staff of IIT and those living in nearby areas to pay for their purchases with their Airtel mobile phones, said a press release from the bank.

The initiative enables merchants to use the mobile phone as a secure point of sale (POS) terminal and cardholders to use their handsets as payment mechanism. The service will be available to Airtel subscribers who have an SBI pre-paid card. SBI is expected to roll out this service to other IIT campuses in the coming months, the press release said.

SBI pre-paid cardholders will provide their mobile numbers or a secure identity code. This is keyed into the merchant's handset with the transaction amount and the merchant's Personal Identification Number.

The transaction details are then processed and sent to the customer's mobile for immediate verification. The customer can access funds for the transaction by keying in the PIN number.

The merchant is given authorisation with an electronic message that is recorded and stored on the SIM card by both the customer and the merchant.

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