DCB Bank, a private sector bank in India, has teamed up with GI Technology, a Wirecard subsidiary, to help implement QR-based payment solution mVisa in India.
mVisa is a mobile based payment solution owned by Visa, which makes payments at retail outlets much easier.
By simply scanning a unique QR code on their smartphones, customers of any mVisa issuing bank can make digital payments at mVisa enabled retail outlets.
The mVisa solution has been enabled at over 1,000 Smart Shop retail outlets. Now the bank plans to expand this number to over 25,000 shops across India in the next few months.
Additionally, using mVisa customers can also avail Cash@POS facility that allows debit cardholders to withdraw cash by swiping their debit cards at PoS terminals at merchant locations.
DCB Bank head of retail and SME banking Praveen Kutty said: “We are convinced that our collaboration with Visa and GI Technology will accelerate set-up of infrastructure for retail outlets to accept digital payments.”
GI Technology managing director Ramu Annamalia Ramsamy said: “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.”
Visa group country manager for India and South Asia TR Ramachandran said: “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.”