Mobile optical funds transfer by April

Rachana Khanzode
Posted: Thursday, Dec 20, 2007 at 0000 hrs IST
Updated: Thursday, Dec 20, 2007 at 0053 hrs IST

Font Size

Feedback

Discuss

HP unveils converged infrastructure architecture HP launches of Indigo 7000 series HP unveils 'Thinspiration'IBM unveils Lotus center in Pune

Mumbai, Dec 19: Atom Cards, that will enable mobile optical fund transfer, is expected to hit the market by April next year. A product by Atom Technologies, the digital retail arm of Financial Technologies (India) and the MCX Group, the card is currently being piloted with Axis Bank.

The Java-based mobile application enables the user to make payments optically by simply placing the mobile phone in front of a webcam at the merchant's end, which captures the digital image of the card and the payment transaction takes place within a few seconds. "A digital image of the debit/credit card is stored in the application, which is a 2D bar code containing the encrypted data of the card as well as the user's payment details," says Dewang Neralla, director, Atom Technologies. The application is secured with a unique customer ID and pin code provided by the bank. It also supports remote transaction where a merchant feeds in the customer's user ID or mobile number and makes a payment request through SMS.

"We are targeting the 75 million card holders. Up to 16 credit/debit cards can be stored with Atom Cards," says Niranjan Gosavi, CMO, Atom Technologies. The firm is expecting to roll in eight banks in the coming three years.

Post Comments

Comments: (Limit 3,000 characters)

Name		Message
Email ID
Subject

TERMS OF USE:
The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s).

I agree to the terms of use.