HDFC Bank launches virtual credit card with Reliance

Indian companies Reliance Communications and HDFC Bank have come together to offer the Reliance mPay credit card with HDFC Bank. This is India's first virtual credit card to for Reliance Mobile users across India.

The mobile phone acts as the credit card and the mobile number is the credit card number. The mPay credit card is virtual so no physical plastic will be issued and it will be available to Reliance Mobile users who are using HDFC Bank credit cards. The user can use the mPay credit card at any merchant establishments that accept payment via Reliance mPay.

The Bank will authenticate all the information with RCom, which will be used to initiate and authorize all the payments using the customer's mobile handset. Thus, there is no card number, Card Verification Value (CVV) or expiry date, which the customer has to enter with the service.

The service allows post paid bill payment, pre-paid top-up, and payment of Reliance Energy monthly electricity bills and will be extended to allow the customer to book movie tickets, travel tickets, merchant payments at shops, restaurants, shopping on the internet, etc.

“We are very pleased to partner with HDFC Bank, to provide our subscribers with this first of its kind offer,” says Mahesh Prasad, president, applications, solutions and content group, Reliance Communications. “We are very excited that all Reliance Mobile customers can participate in the mobile credit card evolution. This is another step towards making money transfer and mobile commerce a reality in India."

There is no financial risk to the customer in case of loss of the phone as the use of mPay is PIN protected. To use the service and make any payment, the customer will have to use the PIN (issued to the customer at the time of issue of this virtual credit card). As all the transactions are initiated using the mobile number (to which the Reliance mPay service is issued), there is no risk of card skimming, card compromise on the internet - thereby ensuring no misuse on the internet.