Corporation Bank announced on Tuesday that it has become the first nationalised bank in the country to launch “SMS based - Pay by Mobile Service”. This product was formally launched by the Bank’s Executive Director KL Gopalakrishna in Mumbai on Tuesday. Launching the new product, the Bank said that the Mobile base in India is estimated to grow to 300 million by 2010 and the bank wants to  leverage on this technology and exponential growth.
All the CorpBank customers who have been issued CorpBank ATM Cards & Corp Convenience Debit cards can use this ‘Pay by Mobile Service’. To start with the facility, the customer has to register at any of the CorpBank ATMs of the Bank. The user-friendly menu at the ATM will guide the customer to fill in the details along with the mobile number of the customer. On successful registration, the customer will receive a 4-digit PIN though an SMS on his mobile.
A customer, now, can shop at Internet, do Tele Shopping and purchase at over 3,000 merchant establishments across categories and interfaces which include airlines, restaurants, retailers etc. On completion of the purchase, the customer will receive an SMS to which he has to reply to authorise the payment. The customer will also receive a confirmatory SMS after the payment.
The system is secured by means of registration process involving fixed mobile number, 16-digit private encryption key storage, unique alpha code and 4-digit PIN.