HDFC Bank comes out with aggregator app to ease payment pressure
Riding on the rapidly growing number of
While launching the application,
This app can be downloaded from the
Unlike prepaid wallets launched by its rivals or
While making any transactions, the payment amount will be debited directly from the user’s credit or debit card. To ease up the process further, HDFC Bank has done away with the need to key in the one-time password for such transactions.
Parag Rao, HDFC Bank's senior executive vice-president, told PTI, “There are three levels of security, including device mapping and matching of the card number with the registered mobile number, which takes place at the backend to carry out a transaction.”
He further added that the product is fully compliant with RBI's two factor authentication and has also been cleared by the regulator.
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