ICICI Bank launches in-store mobile-based payments with 'mVisa'

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

With this service, users of ‘Pockets’ 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. This 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.          
                                                                                                                  

Speaking at the launch, Rajiv Sabharwal, Executive Director, ICICI Bank, said: “We have always leveraged technology to introduce digital innovations and provide a world-class banking experience to our customers. Many of these were firsts in the industry like Internet, Mobile, Tab and Touch Banking among others. We are delighted to partner with Visa to introduce yet another first - a payment solution that will allow cashless payments using smartphones at many more locations than are currently available. While there are 570 million debit cards in the country, there are only 1.1 million point-of-sale (POS) machines available for card payments. This restricts cashless payments to be made only at a certain category of merchants. We believe that the simplicity of this technology will allow us to address this market gap and enable digital payments for an array of untapped categories such as home deliveries, cab services, and small merchants. We believe that this solution will herald a shift in the adoption of electronic payments in the country.”