SBI launches mobile-based payment solution mVisa

Bengaluru: Country's biggest lender State Bank of India today announced the launch of mVisa, a mobile-based payment solution here.

The service will help customers make payments through their smartphones by simply scanning the unique merchant QR (Quick Response) code at merchant outlets, Bank officials said.

Stating that mVisa is a card-less solution which facilitates payment by scanning the QR code displayed at the merchant outlet or from the merchants mobile, they said.

SBI customers (Debit Card holders and Internet Banking customers, having transaction rights) can now make easy payments to the merchants by simply scanning QR code image.

This eliminates the need to swipe the physical card at a point-of-sale (PoS) machine.

Speaking at the launch, SBI Deputy Managing Director (Corporate Strategy & New Business) Manju Agarwal said that 26 million SBI customers are on internet banking platform and only six million customers are on State Bank Anywhere.

There is a gap of 20 million and "we can migrate them all to mVisa", she said.

She said mVisa service is a Bank agnostic and an interoperable low cost solution i.E. Any Bank mVisa customer can transact on any mVisa merchants and likewise any mVisa merchant can accept payment from mVisa customers of any bank.