ICICI and Airtel present M-cheque cashless transaction facility

ICICI and Airtel present M-cheque cashless transaction facility

Tata is already rumored to be working on something like this with the project expected to be called Tata IndiPay. Now, Airtel has joined hands with the ICICI bank to enable the users to use their mobile phones for conducting transactions.

The two companies are providing a facility called M-Cheque, which would facilitate cashless transactions. Consumers would just be required to have an Airtel connection with a SIM card with 32K capacity.

ICICI Bank is taking services from Mumbai-based IT firm Littleworld to evolve the technology. This process would require a merchant to send an SMS to Littleworld, which will have the customer’s mobile database. After the authorization from the ICICI bank, an SMS will seek the customers’ authorization.

After this authorization, the transaction will be completed. The merchant would receive the payments thought 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 months time. Based on the results of the pilot project a proper rollout will be initiated.”