The Hindu Business Line : RCom, HDFC Bank launch virtual credit card

Christened ‘Reliance mPay,’ the credit card will be made available to all Reliance Mobile users who own an HDFC credit card, Mr Rahul Bhagat, Country Head-Retail Liabilities, Marketing & Direct Banking Channels of HDFC Bank, said at a news conference today.

For customers who subscribe to the mPay service, Reliance Mobile becomes the credit card and the mobile number doubles as the credit card number.

Customers can use their Reliance mPay credit card at all merchant establishments that accept payment via Reliance mPay, said Mr Mahesh Prasad, President, Applications, Solutions and Content Group, Reliance Communications.

Even if the customer loses the mobile phone, there is no financial risk, as the use of mPay is PIN protected. This partnership is not exclusive to both the parties involved. Both RCom and HDFC are keen to forge further tie-ups for virtual credit card with other players, the respective company officials have said.

While the RCom scrip closed down 1.13 per cent at Rs 605.75, the HDFC Bank scrip rose 0.73 per cent at Rs 1,568.4 on the BSE today.

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