Solzaire writes in his blog about AirTel and SBI teaming together to offer mobile based cheque payments, enabled by technology from A.Little.World Private Limited.
The process seems to be
1. Move money from your SBI a/c into your mobile a/c with AirTel
2. A merchant - through a specialised mobile device, or simply a mobile phone with enhanced SIM card (provided by AirTel), will make a query to the cutomer's mobile phone for the required amount - for the services he has rendered.
3. Through specialised menu (which will be available in an enhanced SIM card that AirTel will provide), on the customer's mobile phone, the payment is authorised.
All this merely requires SMS messages to be enabled.
I think this is a brilliant solution. Variation in implementations would emerge shortly.
A mobile operator, a bank and/or a credit card provider will step in to implement a solution provided by a technology provider to make this possible.
A Little World seems to be an interesting company to track.