State Bank of India, the country’s largest public sector bank, has launched a mobile payment solution that will enable customers to make digital payments at offline stores by scanning a QR (quick response) code on their smartphones. The service has been launched in Bengaluru with a sizable number of merchants and will soon expand into other cities.
Dubbed mVisa, the solution is a card-less way for customers to pay for goods at offline stores, and will be available to all SBI credit card, debit card and net banking users. The solution which is bank agnostic will be accessible to customers through the company’s SBI Anywhere app. “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 payment, thereby changing the way businesses transact and customers pay,” said Manju Agarwal, Deputy Managing Director and Chief Operating Officer at SBI, in a statement.