State-run Corporation Bank launched Pilot Mobile Payment Platform, YpayCash

State-run Corporation Bank on 13 April 2011 launched the pilot mobile payment platform from eMudhra Consumer Services Ltd. (YpayCash) in Mumbai. The mobile payment platform will now enable customers to make purchases using a mobile handset. Under the scheme, christened ypaycash, an account-holder can pay for purchases through the mobile handset, provided the merchant has the system installed.

The service, which comes free for Corporation Bank customers, can be availed by asking the Bank to transfer up to Rs 5000 from a savings or current account to the mobile wallet. A special application will be installed on the customer’s mobile phone through which a transaction can be completed.

The customer will get an automatically generated and distinct barcode on his mobile screen after keying in the details and then the merchant then scans it using his own mobile phone’s camera.
Within seconds, the payment procedure is completed and the appropriate amount is debited from the customer’s mobile wallet.

The bank has not incurred major investment on the product and merchant establishments will be charged a fee of up to 1.50 per cent of the transaction.

The bank aims to have 10000 mobile payment terminals and over 10-lakh customers in the first year itself.