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But issues like security & inter-operability need to be addressed first
Banking is all set to don a new face with mobile convergence...Navin Thangiah, Director, Market Development,mChek
The mobile phone has revolutionised the way we interact with each other; everyone and everything is just a phone call or an SMS away. Consumers are now demanding the same convenience and instant access in other aspects of life; ‘anywhere, anytime’ has become the norm. Businesses have realised this trend and are exploring ways to satisfy this demand.
The mobile phone is today our personal ‘smart’ device and our mobile number has become our primary identity. One of the first applications of this is in the field of ‘identity management’; use of the mobile phone as a personal authentication and authorisation device. This is at the core of most mobile wallets, a mobile application residing on the consumers mobile and accessible only with a PIN that is created by the user on his phone and hence known only to the consumer. A financial and transactional layer is then built on top of this platform. The transactional layer comprises of various financial instruments like a credit card, debit card, bank account that the consumer can ‘add’ to his mobile application and use as the source of funds for transactions. The transactional layer enables the application to interact with a common payment network that allows the money to be sent to the biller’s account.
While the concept is simple there are many practical issues like security, inter-operability and simplicity that need to be addressed before choosing the right solution. In fact, mChek solution is now focusing on building a simple secure platform that can work across banks and operators without influencing their existing relationship with their respective consumers.
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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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