AA: Mumbai, Maharashtra, India, Thursday, November 01, 2007 -- (Business Wire India) -- Citi India announced today that is has successfully piloted an innovative solution with mChek, a leading application developer in the mobile domain. This unique application significantly enhances convenience for retail investors, who are clients of a large broker, by enabling them to respond to margin calls or enhance their trading limits, even while on the move, by authorizing a transaction simply over their mobile phone.
With over 250 million mobile subscribers in the country, more than 30 million mutual fund investors and over 5 million retail investors in the capital markets, this application can soon become the preferred mode of transacting in coming years.
Ashish Bajaj, Managing Director, Global Transaction Services, Citi India and subcontinent, said, "The development and deployment of this application continues Citi's track record of pioneering innovations in the transaction services domain in India and set benchmarks for future industry standards. This technology has tremendous potential and can revolutionise the manner in which Customer to Business (C2B) transactions are undertaken across industries."
Citi and mChek have earlier launched a mobile-based application enabling farmers to receive money for sale of fruits, vegetables and other commodities via their mobile phones. Using this technology, the farmers are able to receive money in the form of cash across a bank teller counter, demand drafts or account transfers to pre-registered bank accounts. More such applications are currently under various stages of development and testing.
"The mobile phone is fast becoming the ubiquitous device - particularly in emerging economies like India and most of the Asia Pacific region", said V. Dinesh, Managing Director, Trade and Product, GTS, Citi India, "We are pleased to partner with mChek to bring this exciting solution to our customers, another example of Citi's commitment to our customers of providing innovative, practical and secure solutions."
All transaction applications meet stringent, international standards of security and are secured by the user's mChekPIN, and encrypted end-to-end with 3DES encryption, ensuring banking-grade security from the convenience of the mobile phone.
"Citi and mChek are helping the investment industry make these transactions more cost effective, safe and at the same time more efficient across the value chain. The technology is simple to use and works on any mobile phone including the basic models", said Sanjay Swamy, CEO of mChek.
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You are far from India — maybe on another continent. But when homesickness strikes, you can cure it by switching on your mobile phone and synchronising it to receive the favorite Hindi serial or a music programme that your family is watching on the television back home. The technology to make this possible has just been launched worldwide but the brains that made it happen are based in Bangalore in the development centre of SlingMedia.
Viresh Parashar, the company's Foster City (California-based Director of Business Development says the additional software to extend the reach of the SlingBox to mobile phones is a $30 download in the U.S. Ever wondered how an SMS message can do double duty? It's called SMS 2.0 and another outfit driven by desi ingenuity the U.K.-based Affle provided a 'sneak preview' of what will soon be available in India and elsewhere: While you are reading the incoming text message, the unused bottom of the screen runs scrolling content you have subscribed for cricket updates, or an astrological forecast or even a joke-of-the day. When you have read the SMS, the extra content blooms to fill the screen, with more details even some pictures or a video. The application was crafted at the company's Gurgaon centre, explained Executive Director Anuj Kumar and it has already been snapped up by service providers in Singapore.
As you walk past a clothing store in a mall in Chandigarh or Bangalore, a message pops up in your mobile phone, inviting you to step in and look at 'new arrivals' in the jeans section. How did they know that you were just there? It's called Sense Media a 'cool tool' that hotels, shops and cinemas can use to contact potential customers using the short range wireless technology of Bluetooth. And it is the work of another Gurgaon-based developer, Aims Migital Technovisions.
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