Visa Inc, a major Global payment technology company to introduce a new mobile payment service in India and the service will start from September through smartphones. Visa Chief executive Charlie Scharf said, “Our new payment platform mVisa will enable Indian consumers pay for various services through smartphones from next month.”
The initial availability of new service in this tech hub on a pilot basis through four banks: Axis Bank, HDFC Bank, ICICI Bank, and State Bank of India, and in future, the service will be extended to more cities subsequently.
Scharf said that the new platform will also usher in a cashless and cardless system to enable customers purchase goods, pay bills and transfer money to their kith and kin, at ease.
To avail the service, Visa customers have to download the mVisa form into their smartphones and link their Visa debit, credit or prepaid account to the application. The service also avails to pay utility bills and fund transfer to other Visa account holders.
“On activation, customers can pay for retail purchases online by transferring funds from their account to the store’s or its owner’s account, payments via mobile handset, tablet or smartphone are projected to touch $3.3 trillion (roughly Rs. 2,10,45,260 crores) by 2018 worldwide,” he said.
The company’s Indian subsidiary also opened its new technology centre where about 1,000 software engineers will work over the next one year while the present facility has 450 engineers.
Scharf also said, “The India centre with similar centres in Singapore and the US will help us to accelerate development of next-generation payment solutions.”