1. ICICI Bank launches ‘mVisa’ mobile payment service

ICICI Bank launches ‘mVisa’ mobile payment service

Private sector lender ICICI Bank on Thursday announced the launch of a service enabling customers to make electronic payments from their smartphones at physical stores.

By: | Mumbai | Published: October 9, 2015 12:10 AM

Private sector lender ICICI Bank on Thursday announced the launch of a service enabling customers to make electronic payments from their smartphones at physical stores. It can also be used for e-commerce & other deliveries at home, radio taxis and utility billers among others, the bank said in a statement.

Based on ‘mVisa’, a new mobile payment solution from Visa, this service will enable users of ‘Pockets’ to make cashless payments from their smartphones using their debit card by simply scanning a ‘mVisa’ Quick Response (QR) code at a merchant location without swiping the card.

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.

Rajiv Sabharwal, executive director, ICICI Bank, said: “While there are 570 m debit cards in the country, there are only 1.1 million point-of-sale machines available for card payments. This restricts cashless payments to be made only at a certain category of merchants.” To start with, this facility has been introduced in Bengaluru with 1,500 merchants.

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