27 August 2016
Find out more

Standard Chartered Bank taps Monitise for Indian mobile money apps

03 June 2011  |  9399 views  |  0 iPhone on top of Keyboard

Standard Chartered Bank in India has launched a range of mobile money applications developed by UK vendor Monitise.

Created for the Standard Chartered Breeze brand, the apps let customers view bank and credit card accounts, transfer funds to other financial institutions, pay utility bills at over 100 firms, locate branches and ATMs and find and pay merchants such as airlines and cinemas.

The apps are compatible with more than 700 handsets, from smartphones such as iPhones and BlackBerrys to basic devices using Java.

Monitise Chief Executive Alastair Lukies, says: "Innovation is at the heart of both the fast-growing mobile banking market in India and our open and collaborative approach to the mobile money ecosystem globally. This launch shows how our tried and tested technology enables banks to extend beyond their traditional range of services into mobile commerce."

The deal marks Monitise's first launch in India and comes nearly a year after it inked an agreement with Standard Chartered and two years after the establishment of a unit in the country to tap the potentially huge market.

Earlier this week, India's Associated Chambers of Commerce and Industry noted that mobile penetration in the country is forecast to reach 100% by 2015.

But the country is pre-dominantly a cash economy with 67%t of retail transactions being conducted in cash. All current non-cash payment modes like credit cards, debit cards and multiple mobile payment solutions appeal to a small section.

"While the ubiquitous mobile is surely the most promising channel, the need of the hour is to develop an innovative mobile payment system which is customised to the Indian ecosystem requirements and has a mass appeal," says Assocham's secretary general D.S. Rawat.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Monitise opens new mobile R&D centre

Monitise opens new mobile R&D centre

30 March 2011  |  8293 views  |  0 comments
Visa Europe and Monitise team on mobile payments

Visa Europe and Monitise team on mobile payments

03 February 2011  |  11098 views  |  0 comments
ICICI and Vodafone ink m-banking JV

ICICI and Vodafone ink m-banking JV

18 January 2011  |  9609 views  |  0 comments
India's largest bank and wireless operator form joint venture partnership

India's largest bank and wireless operator form joint venture partnership

12 January 2011  |  8326 views  |  0 comments
Monitise to bring mobile payments to Nigeria

Monitise to bring mobile payments to Nigeria

03 December 2010  |  9804 views  |  0 comments
Nokia partners India's Yes Bank on mobile finance pilot

Nokia partners India's Yes Bank on mobile finance pilot

16 February 2010  |  8991 views  |  1 comments
Monitise prepares for growth with new investment and partnerships

Monitise prepares for growth with new investment and partnerships

17 December 2009  |  9582 views  |  0 comments
Monitise sets up Indian unit; lines up investors

Monitise sets up Indian unit; lines up investors

13 March 2009  |  10875 views  |  0 comments

Related company news

 

Related company information

Standard Chartered Bank

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comFind out moreVisit capgemini.com

Top topics

Most viewed Most shared
hands typing furiouslyBig Data's Three Big Trends in 2016
7620 views 5 | 22 tweets | 13 linkedin
hands typing furiouslyHow Banks Are Losing Millions by Ignoring...
7423 views 11 | 24 tweets | 9 linkedin
Nordea looking for AI and blockchain breakthroughsNordea looking for AI and blockchain break...
6513 views comments | 17 tweets | 20 linkedin
R3 blockchain consortium sheds light on Concord projectR3 blockchain consortium sheds light on Co...
5919 views comments | 14 tweets | 14 linkedin
India's Unified Payments Interface goes live with 21 banksIndia's Unified Payments Interface goes li...
5368 views comments | 15 tweets | 18 linkedin

Featured job


Brussels (Belgium) or Paris (France)

Find your next job