State Bank of India (SBI) has introduced a mobile payment solution, known as mVisa, for offline transactions.
The new cardless payment app will allow users to execute digital payments at offline stores by scanning a QR (quick response) code on their smartphones.
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The service has been rolled out in Bengaluru and will soon expand into other cities.
SBI customers can now make easy payments to merchants by scanning a QR code image, thus eliminating the need to swipe the physical card at a POS terminal.
The lender said that any mVisa customers of any bank can transact with any mVisa merchant and similarly any mVisa merchant can accept a payment from mVisa customers of any bank.
SBI deputy managing director and COO Manju Agarwal said: "With the availability of smart phones increasing by leaps and bounds, mobile based payments in India have to rise in a big way.
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By GlobalData"The introduction of mVisa, a convenient scan and pay based option, to our existing customers (including merchant customers) is one more step towards providing more convenience to our customers.
"This cost effective digital offering will not only provide our large base of consumers with an easy, convenient and secure payment product but will also facilitate small merchants with any-time payments, thereby changing the way businesses transact and customers pay."
