@TiE-ISB Connect: MChek To Launch P2P Mobile Payments With Visa, Banks

Sanjay Swamy, CEO of MChek mentioned some details of the deployment of their P2P (person to person) payment option. They’re launching the service in collaboration with Visa and three banks – ICICI Bank, HDFC Bank and Corporation Bank, the first two being the largest private sector banks in the country. I was wondering how they’d deploy the P2P solution, since the regulation on electronic P2P payments is still not clear. The payment is going to be bank linked – users will need a cellphone and a bank account, and new users are given a visa debit card by one of the banks. Hence, the transactions will be inter-bank transactions. If one sends money to a mobile number, then the user needs to choose a card and accept the payment before the transaction is done. The company had mentioned the P2P space in a release earlier this month, as one of the fields the company is targeting, apart from bill payment, Internet shopping, Merchant Transactions.