Public sector lender, Corporation Bank has introduced the mobile wallet facility which will allow its customers to use their mobile phones for making transactions.

The scheme has been named, 'ypaycash' through which any account holder of the bank can make purchases with his mobile phone.

Customers can now avail this service by transferring upto Rs 5000 from their bank account to mobile wallet.

"A special application is installed on the customer's mobile phone through which a transaction is completed. The customer keys in the amount to be paid after logging-on to the application," Chief Executive of e-mudhra (which has developed the application), Ravi Jagannathan said.

After making an entry of the details, the customer gets a unique barcode on his screen which the merchant scans using his mobile camera.

"Within seconds, the payment gets done and the appropriate amount is debited from the customer's mobile wallet...this is a very secure, cost-effective and scalable solution," he said.