MAM
Stan Chart and VISA launch first mobile credit card ‘m-Wallet’
NEW DELHI: Standard Chartered Bank in association with VISA today launched India’s first mobile credit card called m-Wallet.
Currently being undertaken as a pilot project amongst select Manhattan customers in Bangalore and Mumbai, the industry first secure mobile credit card m-Wallet aims at making shopping easier for people on the move, enabling them to pay for purchases from select outlets using their mobile phones.
Designed to make contact less payments, this new service, using an inbuilt PKI security and JAVA based technology, has been developed by a team of global technology experts using the best security technology standards to protect the privacy and confidentiality of the card holder’s account information. Available free of cost, customers have to download and install a JAVA application using GPRS on their mobile phone. After installation of the application software on the mobile phone the user has to download a virtual Manhattan card on to the mobile.
The m-Wallet technology has been developed through a strategic alliance between Tata Consultancy Services Ltd. (TCS) and C-SAM Inc, known for bringing innovative payment solutions to the banking and financial services sector. TCS has a strong relationship with Standard Chartered and with this new initiative; TCS has once again demonstrated its capability to offer unique and innovative solution to its clients.
According to chief information officer and group head, technology & operations, Standard Chartered Group Jan Verplancke,, “This is a business innovation which builds on the advances that have happened in technology. By providing our customers with a payment wallet in their mobile phones, we empower them with the capability to pay for their goods and services electronically while on the move. This product is also aligned to our young, dynamic and mobile customer base with its ever-increasing usage and builds further on our leadership position in the Cards business in the India market. Standard Chartered Bank will always look at the use of technology for innovation and investments in customer service channels.”
Country manager – South Asia, Visa International Santanu Mukherjee said, “We are happy to partner with Standard Chartered Bank in the offering of ‘m-Wallet’. This innovative payment solution combines the benefits of the payment card with the functionalities of the mobile device and is an evolution in the payment options available to consumers. This is yet another step towards convergence of mobile phones and payment cards and the growth of Universal Commerce – Anytime, Anywhere, Any way.”
When you plan to buy medical insurance for your family, the first question is often about savings. You may assume that buying online automatically means paying less, but that is only part of the picture. The real issue is not just whether the premium looks lower, but whether the policy gives you suitable family health insurance without adding avoidable costs later.
Buying online can sometimes appear more budget-friendly because you can compare plans, review features, and complete the process without depending entirely on offline assistance.
Still, a lower visible price does not always mean better value. To understand whether you can truly save more, you need to look at the full buying experience and the policy terms together.
Why Online Purchase Can Look More Economical
When you explore family health insurance online, you usually get access to plan details in a more direct and organised way. This can make the buying journey feel simpler and more transparent.
A few reasons online purchases may seem cost-effective include:
● Easier comparison of policy features
● Direct access to premium details
● The ability to review inclusions and exclusions at your own pace
● Fewer chances of making a rushed decision
● More control over the plan selection process
This does not mean every online option is automatically cheaper. It simply means the online route may help you assess choices more carefully, and that itself can influence how much value you get from the policy you choose.
Saving Money is Not Only About a Lower Premium
A lower premium often catches your attention first, but that should not be the only measure of savings. If you buy medical insurance based only on what looks affordable at the start, you may overlook conditions that matter later.
A family health insurance policy should be judged on overall value, including:
● The scope of cover
● Waiting period terms
● Exclusions
● Room eligibility conditions
● Sub-limits, if any
● Claim-related terms
● Renewal conditions
If the premium is lower but the policy has stricter internal conditions, the apparent saving may not feel meaningful when you actually need hospitalisation support.
So, the better question is not only whether online purchase costs less, but whether it helps you select a plan that remains financially sensible over time.
Comparing Plans Online Can Prevent Overspending
One clear advantage of the online route is that it allows you to compare different options without pressure. This can help you avoid paying for features you may not need or missing features that matter for your family.
Before you buy medical insurance online, look closely at:
● Who can be covered under the plan
● How the sum insured works for the family
● Whether day care procedures are included
● How pre-existing illness rules are explained
● Whether add-ons are optional or built in
● How clearly the policy wording is presented
This level of comparison can support better decision-making. In many cases, savings come not only from the premium itself but from choosing a policy with fewer surprises.
Online Discounts Should be Viewed Carefully
Online discounts can make a plan look attractive, but they should always be read alongside the policy details. A discount may reduce the upfront cost, yet the true worth of the policy depends on what it covers and how it responds during a claim.
When reviewing discounted online plans, check whether the policy has:
● Treatment-specific limits
● Room rent restrictions
● Co-payment clauses
● Disease-wise waiting periods
● Claim deductions linked to the hospital category
● Limited cover for selected benefits
These points are important because a policy that looks cheaper at purchase may involve more out-of-pocket spending later. That is why discount-led buying should be replaced with detail-led buying.
Final Thoughts
Yes, buying online can sometimes help you save more when choosing family health insurance, but only if you look beyond the headline price. The online route may give you better visibility, easier comparison, and more time to review the policy terms.
That can support smarter choices and may reduce the chances of paying for a plan that does not suit your family well.
If you want to buy medical insurance online, treat savings as more than a discount. The real advantage lies in choosing family health insurance that balances affordability, clarity, and meaningful coverage for your household.
