mChek: India's 1st mobile phone payment service

mChek is an innovative and secure service where the user can pay anytime-anywhere-any amount through the mobile phones. It ties up with merchants, service providers, banks to bring alive a cashless transaction. Applications start from paying bills to over to counter purchases
How it works?
• Subscribers can register for the service with their network provider like Airtel. In case the subscriber’s service provider doesn’t have tie up with mChek, subscriber can independently register with mChek
• Once the details of the card – number, CVV and expiry date are registered, the information is tagged with mobile phone number
• Consumers can use the mChek service across all platforms and companies who have the mChek facility. The transaction is completed with the bank in the back end through proper authentication processes
Business Model
• The service is free for consumers
• The business model works on a revenue sharing basis with the mobile service provider and the merchants
Uniqueness:
• First mobile payment service in India
• It started off as a ‘pay bill’ service and is currently expanded to transferring money through mobile, buying rail/rail tickets, paying insurance premium, any purchase/retail transaction over internet
• Triple Layer security layers ensure total security.
• Avoids chances of identity theft and fraud – concerns over internet transactions
• World’s first mobile payment company to receive PCI-DSS 1.1 certification
• Complete cashless transaction and any amount can be transacted
Impact:
• Astounding adoption rate: One million subscribers within 7 months of launch with Airtel
• Consumers: Safe, smart and simple payment solution for anywhere, anytime transactions including remote payment of bills, inter-personal payments and web transactions. Multiple cards on one SIM card
• Multiple Credit/Debit cards from multiple banks on a single SIM
• Bill Banner system allows space for CPA ads
• Faster deal closure cycles