SBI is the India’s leading public sector bank and also the leading bank for issuing credit cards. Now this bank is also trying to capture the Smartphone users by introducing its mobile phone payment option.
SBI with this plan also would compete with the mobile wallet services segment. This plan of SBI is to make the credit cards reside in your mobile phone so that payments can be done through the host emulation technology (HCE) facilitated, which avoids you carrying a swiping card or for reading an embedded chip.
The CEO of SBI cards, Vijay Jasuja said “The future of cards is digital and free of plastic, and through this new technology, cards can sit in one’s mobile and payments will be made directly through the phone.”
“This technology can be introduced through the existing POS infrastructure in India. POS machines need to be updated so that they can accept all kinds of digital payments through mobile phones, and we are in the process of rolling out such POS terminals,” is said by Deepak Chandnani, CEO, South Asia, and Worldline.
This new technology is introduced in the country by a French based payments company, Worldline e-payment services. This company is working with almost all major banks in India in merchant acquisition and payments business is also working on this new technology.
Jasuja, CEO of SBI cards also explained that, as the technology has to be out in huge level, it would take some time.