Sanjay Swamy, CEO of MChek mentioned some details of the deployment of their P2P (person to person) payment option. They’re launching the service in collaboration with Visa and three banks - ICICI Bank, HDFC Bank and Corporation Bank, the first two being the largest private sector banks in the country. I was wondering how they’d deploy the P2P solution, since the regulation on electronic P2P payments is still not clear. The payment is going to be bank linked - users will need a cellphone and a bank account, and new users are given a visa debit card by one of the banks. Hence, the transactions will be inter-bank transactions. If one sends money to a mobile number, then the user needs to choose a card and accept the payment before the transaction is done. The company had mentioned the P2P space in a release earlier this month, as one of the fields the company is targeting, apart from bill payment, Internet shopping, Merchant Transactions.

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