Citibank India has introduced a wireless application that uses short messaging (SMS) via mobile phones to authorize credit card transactions.
With the new Citibank wireless application, merchants are provided with a mobile phone with a high capacity SIM card. The phone is loaded with a software that allows the merchant to key in the credit card details, which are then sent to the bank as a SMS message. The authorization from the bank is similarly obtained via a return message.
The new authorization application has been initially launched at select merchant outlets in Mumbai and Chennai, and is expected to be available across the country soon.
Cyber News Service