It enables customers to make electronic payments from their smartphones
Representational image
MUMBAI: ICICI Bank Limited, India’s largest private sector bank, on Thursday announced the launch of a service, enabling customers to make electronic payments from their smartphones at physical stores, e-commerce & other deliveries at home, radio taxis and utility billers. 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. To start with, this facility has been introduced in Bengaluru with 1,500 merchants and plans to extend it to other cities.
With this service, users of ‘Pockets’ a mobile digital banking platform provide by ICICI Bank, can make cashless payments from their smartphones using their debit card by simply scanning a ‘mVisa’ QR code at a merchant location without swiping the card. This service provides customers the convenience of speed to complete a transaction along with enhanced security as the card remains with the customer. “While there are 570 million debit cards, there are only 1.1 million POS machines available for card payments. This technology will allow us to address this market gap and enable digital payments,” said Rajiv Sabharwal, ED, ICICI Bank.
( Source : deccan chronicle )
Next Story
