HDFC Bank is launching a digital wallet and an electronic marketplace for online merchants, reports The Times of India.
After registering for the wallet, an accountholder or cardholder can carry out transactions on most websites with the help of using only wallet credentials. The rule is also applicable for non-HDFC Bank debit and credit cardholders.
The digital wallet will be accessible online or from a mobile app. It will also allow contactless payment using Near Field Communication (NFC) for which the phone needs to be flashed in front of NFC payment-enabled readers.
HDFC Bank senior EVP and head (card payment products) Parag Rao said, "In a standard credit card purchase, the number of steps can go up to 11-12 including filling in the 16-digit card number, name, expiry date, CVV and other details. Our digital wallet will enable the transaction to be completed in two steps, which substantially cuts down the failure rate on mobile phone purchases, which is as high as 50%."