Visa to test new mobile payments service app mVisa in India

The American global payments technology solution firm Visa Inc to test its pilot app-based mobile payments service ‘mVisa’ in India.
mVisa app enables users to transfer money and make micro payments for services through mobile. Visa chose India for its pilot app as Indians does the highest e-commerce transactions over mobile in the world.
This app will provide service from September and has tied up with about 20,000 merchants in Bengaluru and prime banks of India.
Through this app company aims to replace physical points of sales (PoS) with mVisa. In India Visa has over 1.1 million physical points of sales (PoS).
Recently Visa has provided near field communication payment service to iPhone.
About Visa Inc:
It is California based multinational financial service provider that provides electronic funds transfers throughout the world. It facilitates electronic funds transfers through its credit and debit cards branded as VISA.
Note: Visa doesn’t issue cards or set rates and fees or extend credits for consumer it is done by banks; it only provides a service to access financial transactions.

Month: Current Affairs - August, 2015