In a move to enable customers to make payments without swiping their cards on the point-of-sale (PoS) devices, State Bank of India (SBI) has unveiled a mobile-based payment solution— mVisa.
mVisa is slated to enable SBI customers to pay by just scanning the quick response (QR) code at the merchant outlet or by using the merchant’s mobile, bank’s press release stated on Thursday. In the first phase, SBI has introduced the application in Bengaluru where a sizeable number of merchant establishments are using it.
“All you need to do is to download latest version of SBI Anywhere app from Google Play Store and register for mVisa payments by simply clicking the mVisa icon on the home screen,” the release said. Notably, merchant outlets also need to download the application.
The customer’s debit and credit cards would be linked to the mVisa application to ensure a secured payment.
“The mobile based payment solution is aimed at catering to the needs of large base of our customers. It facilitates an easy, convenient and secure payment. Not only this but merchants will also be benefited with any-time payment which would transform the businesses,” said an official.
The mVisa application can be used across banks, the release said. Private lenders ICICI Bank and Axis Bank have already introduced the mVisa application for their customers. The app does not require any additional investment from the merchant outlet.
Card-less transactions will increase efficiency and convenience of payment and may also reduce potential frauds through cloning of cards.
