Visa to launch app-based mobile payment service in India
Payment technology major Visa has said that it will launch mVisa, its app-based mobile payments service, in India in September 2015.
The company will pilot the new mobile payment service with 20,000 merchants across the Bangalore region.
The company is trying to replace physical points of sales (PoS) with mVisa in the pilot stage.
The service will allow users to make cardless purchases, pay bills and send money to friends and family members.
To launch the service, Visa has partnered with HDFC Bank, ICICI Bank, Axis Bank and State Bank of India.
Rajat Taneja, EVP of technology at Visa, said: “Today, as commerce shifts to digital environments where consumers can make secure purchases using mobile devices, it is critical that we open up Visa’s network and make it easier for developers globally to access our payment platform – making secure Visa payments a standard feature of mobile applications.”
To avail the service, Visa customers have to download the mVisa form into their smartphones and link their Visa debt, credit or prepaid account to the application.