India’s Axis Bank, HDFC Bank, ICICI Bank and State Bank of India (SBI) are to pilot a mobile payment service developed by Visa this summer that will let select customers make in-store, online and bill payments as well as send and receive money using their mobile devices. Starting in September, the mVisa service will be available to 20,000 merchants in the greater Bangalore region.
“Consumers will be able to download the mVisa application to their smart or feature phone and securely link their Visa debit, credit or prepaid account to the mVisa application,” the payment network says.
“Once activated, mVisa enables consumers to pay for purchases in stores and online by simply initiating a transfer of funds from their account to the merchant’s account.
“Additionally, mVisa users will be able to pay bills and send funds to other Visa account holders. mVisa transactions are processed via Visa’s global network, VisaNet, applying the scale, security and reliability of Visa to mobile payments in emerging markets.
“The service is designed to enable consumers to engage in secure, digital commerce and, more easily, access funds in their existing bank accounts to make everyday purchases and pay utility bills. Merchants and billers benefit by offering consumers a more convenient and secure way to pay and are instantly notified via SMS text message when a payment has been received.”
The unveiling of the service comes as Visa opens a 100,000 sq ft technology development center in Bangalore that will “play a central role in the company’s efforts to accelerate digital commerce globally”.
“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 to access our payment platform — making secure Visa payments a standard feature of mobile applications,” says Visa’s Rajat Taneja.