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Idea Money on Thursday said that it is adopting USSD based transaction platform in a bid to catalyse digital payments in India.
The USSD pull features in Idea Money will come with ‘Pull Payments’ that will allow merchants to initiate receipt of payments from customers via their mobile numbers where customer has to provide the OTP to the merchant. It will also allow smartphone users to pay retailers using *400#.
“With the USSD feature on Idea Money, our customers using simple feature phones will be able to digitise their payment habits and get access to features and benefits (like promotions or cashbacks) of mobile payments," Sudhakar Ramasubramanian, CEO (Designate), Aditya Birla Idea Payments Bank , said in a statement.
ET had reported in January that the scramble to get merchants on board received a boost after the November 9 demonetisation, when the telcos realised they needed wider adoption of their payment solutions if they wanted their customer to increase the use of digital wallets while telecom companies are also intensifying their competition on voice and data prices.
"With Idea’s vast distribution network in India, and a strong customer base of nearly 200 million, we are confident that the new digital payment system will rapidly drive digital transactions in rural India," Sudhakar added.
The USSD system of payments enables people who do not have access to a smartphone or internet data to make transactions.
To bring on-board merchants on Idea Money, a new merchant module has been built on the PPI platform where they are on-boarded using their mobile phone number which is then linked to their bank account. On the menu, the merchant will have the option to pull payments. It also provides for a simple process of creating customer ID for merchants.
Idea had also recently launched Idea Money’s Retailer Assisted Model that the telco says has helped it gain online and offline retailers and merchants.
Idea Cellular: idea money adopts ussd-based transaction platform, Telecom News, ET Telecom
The USSD pull features in Idea Money will come with ‘Pull Payments’ that will allow merchants to initiate receipt of payments from customers via their mobile numbers where customer has to provide the OTP to the merchant. It will also allow smartphone users to pay retailers using *400#.
“With the USSD feature on Idea Money, our customers using simple feature phones will be able to digitise their payment habits and get access to features and benefits (like promotions or cashbacks) of mobile payments," Sudhakar Ramasubramanian, CEO (Designate), Aditya Birla Idea Payments Bank , said in a statement.
ET had reported in January that the scramble to get merchants on board received a boost after the November 9 demonetisation, when the telcos realised they needed wider adoption of their payment solutions if they wanted their customer to increase the use of digital wallets while telecom companies are also intensifying their competition on voice and data prices.
"With Idea’s vast distribution network in India, and a strong customer base of nearly 200 million, we are confident that the new digital payment system will rapidly drive digital transactions in rural India," Sudhakar added.
The USSD system of payments enables people who do not have access to a smartphone or internet data to make transactions.
To bring on-board merchants on Idea Money, a new merchant module has been built on the PPI platform where they are on-boarded using their mobile phone number which is then linked to their bank account. On the menu, the merchant will have the option to pull payments. It also provides for a simple process of creating customer ID for merchants.
Idea had also recently launched Idea Money’s Retailer Assisted Model that the telco says has helped it gain online and offline retailers and merchants.
Idea Cellular: idea money adopts ussd-based transaction platform, Telecom News, ET Telecom
