Home
Apps
Apps News
ICICI Bank Launches mVisa Electronic Cardless Transactions for Pockets App

ICICI Bank Launches mVisa Electronic Cardless Transactions for Pockets App

By Indo-Asian News Service | Updated: 8 October 2015 18:00 IST

Click Here to Add Gadgets360 As A Trusted Source

The ICICI Bank on Thursday launched a service enabling customers to make electronic payments from their smartphones at physical stores, e-commerce portals, radio taxis and utility billers, among others, without swiping a debit card.

The service is based on 'mVisa', a new mobile payment solution from Visa. ICICI Bank, India's largest private bank, is the first bank globally to launch a mobile app based on 'mVisa' solution for consumers and merchants.

The service is applicable only for Visa cards.

"We believe that this solution will herald a shift in the adoption of electronic payments in the country," the bank's executive director, Rajiv Sabharwal said in a statement.

He said that while there are 570 million debit cards in the country, there are only 1.1 million point-of-sale machines available for card payments which restricts cashless payments to be made only at a certain category of merchants.

The service has been introduced for its customers in Bengaluru only with 1,500 merchants brought under the fold of mobile electronic payments. The service will be rolled out in other cities shortly.

To use this payment solution, users need to click on the 'mVisa' icon on the bank's Pockets app.

The process involves scanning a Quick Response code at a merchant location without swiping the card.

Comments

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.