ICICI bank Airtel join hands to provide M-Cheque facility

ICICI bank country’s largest private lender and Airtel are planning to launch M-cheque cashless transaction facility for bank customers.

There are rumors that Tata is already working on this type of project called Tata IndiPay. Now Airtel and ICICI bank will be joining hands to allow the bank customers to use their mobile phones for conducting transactions.

The two companies in joint venture will be offering a facility called M-Cheque which will enable the facility of cashless transactions. Consumers will be required to have an Airtel connection with a SIM card with 32K capacity.

For this project ICICI Bank is taking services from Mumbai-based IT firm Littleworld to develop the technology. In this process a merchant will be required to send an SMS to Littleworld, which will have the customer’s mobile database. After the getting authorization from the ICICI bank, an SMS will ask for the customers’ authorization. Also must check out icici housing loan to make your dreams come true to buy a fully furnished house.

After getting authorization, from both the bank and the customer the transaction will be completed. The merchant would receive the payments though the bank the next day. ICICI Bank general manager B Madhivanan said on this new initiative: “We have launched the pilot project in some 100 outlets and for customers in Delhi and Mumbai. The project will be ready in some month’s time. Based on the results of the pilot project a proper rollout will be initiated”.