Movida mobile payments platform promoted by Visa will be going live next month with the second largest private sector lender HDFC Bank as its banking partner. Other banks also will follow suite.
Movida, is an equal joint venture between Visa and the LSE-listed mobile banking solutions company Monitise.
The product is pitted against the interbank mobile payment service (IMPS) launched by the National Payments Corporation of India(NPCI), which already has 50 banks as members.
The IMPS is an account-to-account transfer of money and requires a special registration while the Movida solution will allow for a card-to-card transfer of cash using the mobile platform.
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