Atom Technologies, part of FTIL group (Financial Technologies India Ltd) has launched atom Cards, a mobile wallet/card product that enables one to swipe the mobile phone to make payments, much like a credit card (source)
Details:
- The credit card data will be stored in 2-D bar code format.
- After the credit card data is burned on the mobile phone (this is irrespective of the operator, but in collaboration with the card-issuing bank), the handset can be used instead of credit cards
- For making a purchase, all that you need to do is swap your mobile phone and provide the PIN number, just the way you do with your credit card.
To read the 2D-barcode, merchants would need a webcam (which can be obtained for as low as @ Rs. 200/)
As of now, the software will work only on Java enabled phones and Atom will provide the software free of cost to banks, merchant establishments and customers, but will levy a percentage of the transactions as its fee.
Atom is currently doing a pilot study with Axis bank (and it’s customers) and is in advanced stages of tying with other banks. As far as mobile wallet service is concerned, RBI is yet to give it’s nod on the service.
This surely is a disruptive idea. What do you think?
I never keep all my keys in one ring.
I never keep the same password on two websites.
Whenever I travel, I never keep all the money in one place.
But that’s just me.
But if this is going to happen, I would like it the other way around, a credit card which you can use to call…
@Sudhanshu
Interesting thoughts and let me assure you that you aren’t the only one who is worried about security.
atom Cards do provide (atleast theoretically) complete security – i.e even if you loose your mobile, nobody can decipher your pin (unless you have specifically stored that as pure text
In general, Indians are way too insecure about online/mobile payment, and I guess that fear has to go away by robust process (and not just showing verisign certificates). What do you think?
Of course mobile payments are safe. I was just talking about the human error. If you lose your mobile phone, you would have to get a new phone, and set up the credit card on it again, which I bet is going to take time. All the technology in the world can’t make our banks work faster
Almost everybody buys flight tickets online, so people are definitely getting used to the idea.
However, on the same lines, there is another very interesting concept of manual payment gateways coming up. It’s something like paying your hosting fees at the next grocery store with cold hard cash. I think eko is doing something along those lines…
Hi Sudhanshu. i think your comments are really sensible, however the atom cards platform is PIN protected, thus it can only be used by using a PIN on every transaction. more so the phones are not often lost by people, they are changed by most of the people on an average every 18 months. atom cards has complete new way of making payments, it has the fastest way of getting approval from the bank when you are making over the counter payments.
i have seen the damn thing work and i must say it is amazing.
it is one thing which is futuristic, classy, stylish and speedy.
you need to have Axis bank account for it to be on your phone, thats what they say.
Cheers.
Thanks for that Jayant. I know I sound skeptical, but would love to try it out for sure.
most welcome, there is something interesting hapening on the payment gateway where in you enter the credit card details over ivr and presto!! the payment is done. sound really interesting.
i am really looking forward this technolgy to become widespread. As most people these days have cell phone so it wll mean more to pay with you mobile rather than carry huge cash with you
Interesting news, I wonder what RBI has to say about this!!
Hi all, Definatly if u purchase something online and pay bill through ur mobile, its very shafe so use ur quick services….
More security , more complexity
More means to make payment the more logistics a individual to keep about his finances.
Why not swipe individuals eye retina to make payments? the more secured way.
always carried by individual with some exceptions**.
who is preventing the barcode from being stored by the ISP? or by the retailer? or by whoever-is-between-buyer-and-seller? regardless of the fact that PIN is protected, the fact of secure transaction remains that cracking of the username (bar code in this example) is half the battle won for the bad guys.
very disruptive, but for your wallet
Hi,
I’m interested in franchising (atom technology) this your service in my country, do you have any of such arrangement please.
Kindly reply through my email.
Thanks
This is indeed a disruptive idea, and ideas like these can help us reach the ‘Lowest Common Denominator’ in India.
The mobile phone chip is capable of working like a smart card, and service like shopping, access and identification can be merged together and distributed.
The security concerns are valid, but I am sure with unique tagging, GPS connect, PIN and advanced fraud management systems at backend, things can be sorted. The benefits far outnumber the concerns.
Resources: Reaching Half-a-Billion Indians ( http://www.alootechie.com/content/reaching-half-a-billion-indians)