ICICI Bank Launches In-Store Mobile-Based Payments With 'mVisa'
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.”
TR Ramachandran, Visa Group Country Manager India and South Asia, said: “We congratulate ICICI Bank on the launch of mVisa which brings the convenience of electronic payments into the phones of their customers. The 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. mVisa will provide the benefits of electronic payments to thousands of consumers and small merchants across India, in line with the Government’s digital India mission.”
Said Mr. Swarup Choudhury, Managing Director, First Data India & ICICI Merchant Services: “ICICI Merchant Services is pleased to enroll merchants for accepting mVisa payments for purchases. It gives us immense pride to be the first acquirer in the country to launch such an innovative payment product to our esteemed merchants. Through our association with ICICI Bank & Visa, we are shaping up the retail electronic payments landscape in the country.
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