Mumbai, October 08, 2015 (News Team): ICICI Bank Limited, India’s largest private sector bank, today announced the launch of a service, enabling customers to make electronic payments from their smart phones at physical stores, e-commerce & other deliveries at home, radio taxis and utility billers among others. This service is based on ‘mVisa’, a new mobile payment solution from Visa. ICICI Bank is the first bank globally to launch a mobile app based ‘mVisa’ solution for consumers and merchants.
With this service, users of ‘Pockets’ can make cashless payments from their smart phones using their debit card by simply scanning a ‘mVisa’ Quick Response (QR) code at a merchant location without swiping the card at an EDC machine. This service provides customers the convenience of speed to complete a transaction along with enhanced security as the card remains in possession of the customer.
To use this facility, a customer is simply required to click on the ‘mVisa’ icon on the home screen of the ‘Pockets’ app. The app automatically activates the camera in the phone, allowing customers to scan the QR code and enter their debit card PIN.
Speaking at the launch, Rajiv Sabharwal, Executive Director, ICICI Bank, said, “We have always leveraged technology to introduce digital innovations and provide a world-class banking experience to our customers. Many of these were firsts in the industry like Internet, Mobile, Tab and Touch Banking among others. We are delighted to partner with Visa to introduce yet another first - a payment solution that will allow cashless payments using smart phones at many more locations than are currently available. While there are 570 million debit cards in the country, there are only 1.1 million point-of-sale (POS) machines available for card payments. This restricts cashless payments to be made only at a certain category of merchants. We believe that the simplicity of this technology will allow us to address this market gap and enable digital payments for an array of untapped categories such as home deliveries, cab services, and small merchants. We believe that this solution will herald a shift in the adoption of electronic payments in the country.”
TR Ramachandran, Visa Group Country Manager India and South Asia, said, “We congratulate ICICI Bank on the launch of mVisa which brings the convenience of electronic payments into the phones of their customers. The mVisa solution will enable consumers to engage in secure and convenient payments, and more easily access funds in their existing bank accounts to make everyday purchases and pay utility bills. mVisa will provide the benefits of electronic payments to thousands of consumers and small merchants across India, in line with the Government’s digital India mission.”
Swarup Choudhury, Managing Director, First Data India and ICICI Merchant Services said, “ICICI Merchant Services is pleased to enroll merchants for accepting mVisa payments for purchases. It gives us immense pride to be the first acquirer in the country to launch such an innovative payment product to our esteemed merchants. Through our association with ICICI Bank and Visa, we are shaping up the retail electronic payments landscape in the country. With the introduction of mVisa, we continue to focus on delivering world class innovative payment solutions that help merchants win in their businesses every day. The rise of smart phones and surge in electronic payment acceptance has carved the way for this innovative yet cost efficient payment product. Going forward, we will continue to deliver leading and technologically advanced electronic payment solutions, transforming the way business is done.” ICICI Merchant Services is the company who enrolls merchants for accepting ‘mVisa’ payments for purchases.