HDFC Becomes First Lender to Develop Mobile Banking App for Apple in India

Published By : 13 Apr 2015 | Published By : QYRESEARCH

HDFC bank is ready to become the first bank in India whose mobile banking application will be available on the Apple’s recent offering that is Apple Watch, which to be rolled out in India later in April. HDFC Bank is most probably the 4th lender across the globe to boast such an app.

The head of the digital banking department in HDFC Bank, Mr. Nitin Chugh stated that they started developing the app when the Apple Watch launched the developers’ kit. As of now, they are all set for the ‘i-watch’. They will offer 8 to 10 features generally available on the mobile banking app. The mobile banking app of the HDFC bank has around 75 features and those generally utilized will be available in the watch, such as recharging the prepaid mobile phones, balance enquiry, request for the cheque book and account statement, as well as paying the utility bills.

HDFC has seen a robust development in the area of internet banking and recent most trends states that the mobile banking, which is a subset of internet banking, has outpaced the second. As of the end of previous month, around 55% of transactions from HDFC Bank were via the internet that includes mobile also, comparing to 44% earlier. 

HDFC has not yet released the figures for the Financial Year 2015 on the net banking transactions. The mobile is entirely outpacing the internet banking, following mobile apps became famous in the previous 2-1/2 years and smartphones started coming in the market increasingly. Chug also said that as a percentage, the mobile banking sector is emerging at an extremely fast rate.
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