HDFC Bank Ltd.

HDFC Bank, second largest private sector lender in the country has inked pact with Movida, a mobile payments joint venture backed by Visa and Monitise to introduce a revolutionary new mobile payment service. The customers will be able to pay bills, top up prepaid airtime and buy tickets from their mobile phone with this innovative new service. It is designed to operate across all mobile networks using any Visa and non-Visa branded payment account and can be used by anyone, anywhere and accessed by even the most basic mobile phone.

The new mobile payment service uses straightforward, menu-based USSD mobile technology making it one of the easiest services to use and the most widely available. Cardholders can access the service via USSD using Movida’s secure connection after linking their HDFC Bank Visa or non-Visa payment card to their mobile phone number.  The system encompasses various security measures to maintain account integrity, including a unique PIN number set up on the phone to access the account information.

The bank has posted a net profit of Rs 1,429.66 crore for the third quarter ended December 31, 2011, up 31.42% from Rs 1,087.83 crore for the quarter ended December 31, 2010. Total income of the bank has increased by 35.62% from Rs 6,357.78 crore for the quarter ended December 31, 2010 to Rs 8,622.64 crore for the quarter ended December 31, 2011.