Who: m-Visa based Mobile Payment Service
What: Launched by ICICI Bank
When: 8 October 2015
ICICI Bank on 8 October 2015 launched a mobile payment service based on mVisa. The service enables customers to make electronic payments from their smartphones at traditional stores, e-commerce sites, deliveries made at home, radio taxi and utility bills among others.
Currently, this facility has been introduced in Bengaluru with 1500 merchants. However, it will be extended shortly in other cities as well.
Highlights of the mVisa-based Mobile Payment Service
• With this service, users of Pockets app can 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 at an EDC machine.
• The service provides customers the convenience of speed to complete a transaction along with enhanced security as the card remains in possession of the customer.
• 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.
• This mVisa solution will enable consumers to engage in secure and convenient payments and more easily access funds in their existing bank accounts to make everyday purchases and pay utility bills.