SBI launches new mobile-based payment app for customers
Posted on:06 May 2016 12:21:03
06 May 2016 Current Affairs GK: The country's largest bank State Bank of India which is giving tough competition to private sector lenders in digital innovations has now launched 'mVisa' - a mobile-based payments solution.
The service will enable customers to make payments from their smartphones, by simply scanning the unique merchant Quick Response (QR) code, at merchant outlets.
mVisa is a card-less solution which facilitates payment by scanning the QR code displayed at the merchant outlet or from the merchants mobile .The new technology eliminates the need to swipe the physical card at a point-of-sale machine.
SBI customers will have to download the latest version of SBI Anywhere application and register for mVisa payments to enable the service. A similar SBI mVisa merchant app will also be made available for merchants to receive payment notification and generate QR codes.
This cost effective digital offering will not only provide our large base of consumers with an easy, convenient and secure payment product but will also facilitate small merchants with any-time payment, thereby changing the way businesses transact and customers pay .The mVisa service is a bank agnostic - which means that any bank mVisa customer can transact on any mVisa merchants and any mVisa merchant can accept payment from mVisa customers of any bank.
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