Corporation Bank has launched CorpMcash, an easy and secure mobile payment platform from eMudhra Consumer Services.
The mobile payment solution is called CorpMcash. The process is simple and convenient for both consumers and merchants for making and receiving payments through their mobile phones without having to divulge any information such as phone numbers or account numbers.
Under CorpMcash, a customer has to apply for registration with the Bank and subscribe for a virtual prepaid account. After processing the application the customer will get an SMS on his mobile to download the mobile application and activate it. As per the subscription, a prepaid virtual account will be opened with the Bank. He can recharge the prepaid account either online or through the Bank's branch.
For payment at merchant terminals the customer has to invoke the application on his mobile phone which will generate a unique 2D bar code. The merchant who has this facility will scan the barcode through his mobile phone (camera) and transmit it to the processing server. The server will check/authenticate and process the transaction and confirm both the customer & the merchant by sending a confirmation SMS.