- mVisa is a mobile QR-based payment solution
- GI Technology enables retailers to accept mVisa payments
- First payment company to launch cash withdrawl from mVisa in India
DCB Bank, a new-generation private sector bank in India, has announced the launch of mVisa. The mobile based payment solution will make payments at retail outlets much easier: Customers of any mVisa issuing bank can make digital payments at mVisa enabled retail outlets simply by scanning a unique QR code on their smartphones. To implement mVisa, the DCB Bank has partnered with GI Technology, a Chennai-based digital payment company. As a Wirecard AG subsidiary company, GI Technology is one of India’s and South East Asia’s leading electronic payment companies that provides retailers with the acceptance of mVisa payments and withdrawls at their POS within this collaboration.
Praveen Kutty, Head of Retail & SME Banking, DCB Bank is confident that the mobile-first approach of mVisa is a pioneer in digital payments. “We are convinced that our collaboration with Visa and GI Technology will accelerate set-up of infrastructure for retail outlets to accept digital payments.”
Ramu Annamalia Ramsamy, Managing Director of Wirecard’s GI Technology, says “We have been on the forefront of India’s very dynamic and early-stage e-commerce and digital payments market for many years. We appreciate this prosperous cooperation and are looking forward for many more to come.”
“India is undergoing a digital revolution with a clear shift in customer preference to move away from cash payments and mobile phones are a key enabler in this transition”, said T.R. Ramachandran, Group Country Manager, India and South Asia, at Visa. “I am positive this partnership will be instrumental in accelerating the adoption of digital payments.”
The mVisa solution has been enabled at over 1,000 Smart Shop retail outlets and the bank plans to expand this number to over 25,000 shops across India in the next few months. Through mVisa, customers can also avail themselves of Cash@POS service and pay for goods and services directly using their smartphones.