Update: Probir Roy informs us via email that their contract with Domino's is still "active and current" and NOT cancelled as reported earlier. We'd noted at the conference that he had said that it had been cancelled, and we stand corrected. Earlier: The One Time Password (OTP) requirement for mobile payments has "has killed the need for doing instant gratification," Probir Roy, co-founder of mobile payments company Paymate said at the International Conference on Mobile Law in Delhi last week. "We signed up Domino's, and after OTP, our transactions fell by 99% , and they cancelled our contract." Roy contended that the OTP killed the opportunity that high volume-low value transactions which would have helped change consumer behavior, saying that the regulator needed to keep consumer nuances in mind, and not just issues of fraud. "10 million customers have downloaded mobile banking apps, but hardly any use it. There are 17 million MMIDs (mobile money IDs), but only 8000 transactions. You have to ensure that consumer pickup takes place. The rich usage of internet banking has not taken off; the functionality is all there, but most people are using to check balance... Technology shouldn't be used to make people 100% safe, but allow people to use. Consumer education is key, which is where banks have to play a key role." He pointed out that no system is perfect, and even with "chip and Pin card" in the UK and Europe, it's still 4 billion pounds fraud. "Don't use guidelines and…
