State Bank of India has launched mVisa, a mobile-based payment solution. mVisa, launched in Bangalore city as in the first phase, will be gradually expanded to other cities. The product will enable customers to make payments from their smartphones, scanning the unique merchant QR code at merchant outlets. The bank said mVisa is a card-less solution which facilitates payment by scanning the QR code displayed at the merchant outlet or from the merchants mobile. SBI customers- both debit card holders as well as internet banking customers, having transaction rights- can make us of the product. Customers can download the latest version of SBI Anywhere application, from Google Play Store by register mVisa payments, the bank said. The bank said mVisa merchant app is also available in Google Play Store, which allows receiving the payment notification, generation of static and dynamic QR codes, viewing transaction history etc. by the merchants. SBI mVisa merchants can accept payment from any mVisa customers. According to the bank, mVisa provides convenience of quick transaction, along with enhanced security, as customers need not share their card or mobile with the merchant anytime during the payment process.
SBI CS and NB DMD Manju Agarwal said mVisa is a cost effective digital offering and a convenient scan and pay based option. She said the offering will be also available to small merchants with any-time payment. Visa India and South Asia manager T.R. Ramachandran said mVisa is an innovative, next generation payment solution that enables secure, digital commerce through a connected device like mobile phone. mVisa is a new transformative way to pay and be paid. Visa is working on building newer use cases for mVisa such as payments over the USSD channel, Cash-in, Cash-out etc, he said.
