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  • mVisa

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    mVisa is a revolutionary payment method in which payments can be done using the smartphone. There is no need to produce a card at the merchant location for payment, or queue up at the ATM in order to withdraw or deposit cash. The customer just needs to scan the QR code and make the payment.

    The mVisa QR code is a bar code that has the name of the merchant and the account number required for payment embedded within. The customer will be required to scan this code with the scanner that is in-built with the mVisa app to initiate the payment process. Only a smartphone with data connection is required for mVisa payments. It should be noted that the phone needs to be updated with the mobile app (that supports mVisa) of the customer’s bank.

    Registration for mVisa

    For customers:

    Customers can register for mVisa to start paying with their smartphones. They just need to follow the steps listed below to set up their mVisa account:

    1. Download the mobile banking app of the bank from the Google Play Store or Apple App Store. This app should support mVisa.
    2. Open the bank’s app on the smartphone.
    3. Link the credit card, debit card, or prepaid card that you would be using for payments.
    4. In order to keep the mVisa account and transactions secure, you should set an mPIN/passcode. This mPIN should be entered each time you pay with mVisa.
    5. The mVisa transactions are recorded on the customer’s paper or electronic statement, in order to help him/her keep track of all payments.

    The customer will have to further contact the bank for any specific registration procedures that it mandates.

    Banks that offer the mVisa service to account holders are:

    • Axis Bank
    • Bank of Baroda
    • DCB Bank
    • HDFC Bank
    • IDBI Bank
    • ICICI Bank
    • SBI

    For merchants:

    1. If merchants need to accept payments through mVisa, they would need a smartphone with data connection (2G, 3G, or 4G). They should also have a merchant app that is enabled with mVisa.
    2. Merchants should contact the acquiring bank to register for mVisa.
    3. The merchant will subsequently be assigned a unique Merchant ID that is displayed at the billing counter as a numeric code or QR code. The mVisa merchant app also needs to be downloaded on the merchant’s smartphone.
    4. On signing up for mVisa, the merchant will be provided a set of details for logging in to the mVisa merchant app. The merchant sticker and QR code will also be sent to him/her for display at the billing counter.
    5. For every transaction, the merchant can also generate a unique QR code through the mVisa merchant app. This transaction-specific QR code will be integrated with the billing amount. When the customer scans this QR code, the payable amount is displayed instantly.

    How to make payments with mVisa

    Using mVisa, customers can pay for purchase of groceries, household bills, and transportation. This facility is available at more than 5,000 merchant outlets.

    1. The payment process at a store is detailed below:
      • The customer should observe the mVisa acceptance mark and QR code wherever he/she wishes to pay.
      • He/she should next scan the merchant’s QR code or type the mVisa Merchant ID in the mobile app.
      • Then enter the exact amount that is required to be paid.
      • The transaction should be authenticated with the customer’s mPIN/passcode.
      • Finally, the customer gets a confirmation for the completion of payment.
    2. The payment process online is detailed below:
      • At the time of purchase, the customer should look for the mVisa acceptance mark and the QR code on the billing or checkout page.
      • Scan this QR code or enter the Merchant ID.
      • Scanning the QR code may display the payable amount automatically. Otherwise, the customer will have to enter this amount manually.
      • Authenticate the payment with the mPIN/passcode.
      • Receive the confirmation of payment.
    3. Bills can be paid using mVisa as detailed below:
      • Observe the mVisa acceptance mark and the QR code on the bill that is to be paid.
      • Scan this QR code or enter the Merchant ID.
      • Scanning the QR code will automatically display the amount to be paid. Otherwise, enter this amount from the bill.
      • Authenticate the payment with the mPIN/passcode.
      • Get a confirmation for the transaction.

    What happens in the case of a lost phone or a wrong transaction?

    In case the customer has lost his/her smartphone, he/she needs to contact the bank immediately. With mVisa, the customer is required to authorize every payment with the mPIN/passcode. This ensures that only the authorised person can access mVisa on that phone. On the other hand, if the merchant has lost his/her mobile phone, the acquiring bank should be contacted immediately.

    If a wrong transaction was made, the customer can request the merchant for a refund. Alternatively, he/she can contact the bank with details of the transaction, for a reversal. From the merchant’s perspective, the process of refund is the same as that in the case of a credit/debit card transaction. This implies that the merchant can contact the acquiring bank to initiate a refund.

    How to accept payments with mVisa

    1. Payment through a static QR code:

      In this method, customers scan the static QR code which has the mVisa merchant ID embedded in it. This code will be displayed at the counter at the time of the sale. The customer enters the payable amount, authenticates with the mPIN, and confirms the payment.

    2. Payment through a dynamic QR code:

      The customer scans the dynamic QR code that is generated on the merchant mobile app, computer screen, or printed on the invoice. This dynamic code will be inclusive of the payment amount. When this QR code is scanned by the customer, the payable amount is automatically displayed. The customer authenticates the transaction with the mPIN and confirms the payment.

    The advantages of using mVisa for accepting payments include:

    • Customers can access their money on their smartphones. This ensures that sales are not missed when customers are not carrying sufficient cash.
    • Payments from customers directly get credited to the merchant’s bank account. So, the merchant can keep less cash on hand and hence, need not worry about thefts.
    • Once the payment is done, both parties receive immediate confirmation through text messages.
    • Payments for home delivery can also be done through mVisa. For accepting such payments, the delivery staff member can either carry the QR code or a print of the QR code on the bill. When the customer makes the payment, the merchant receives a confirmation. This confirmation can be forwarded to the delivery staff in the form of an SMS notification. Following the reception of this message, the goods or services will be delivered.

    mVisa - Safety features

    All payments that are done through mVisa are secured digitally. For additional security, every transaction requires the customer’s approval and authentication, using the mPIN. Without the mPIN, payments will not be processed.

    In summary, mVisa is a fast and hassle-free way in which payments can be made. The benefits of this service include:

    • mVisa is free of cost; so it can be set up and used without any cost constraints.
    • Customers who do not carry cash can make payments through mVisa.
    • The payment process is easy and can be done in a quick manner.
    • For a merchant, mVisa is an easy way to receive money, as payments through this system are credited directly to the acquiring bank account. This implies that he/she would not have to make frequent trips to the bank to deposit the money from sales.
    • Since monetary dealings are reduced, users do not have to worry about loss of cash or the possibility of theft.
    • mVisa enables users to access their transaction or sales history in real-time.
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