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Visa partners with industry to develop QR standard for safe and easy mobile payments
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170226005201/en/
mVisa to Expand to 10 Countries - Visa partners with industry to develop QR standard for safe and easy mobile payments (Photo: Business Wire)
mVisa aids in overcoming merchant infrastructure issues as it allows consumers to use their mobile phones to make cashless purchases at merchant outlets, pay bills remotely and even send money to friends and family members by securely linking their Visa debit, credit or prepaid account to the mVisa application. It digitizes the underlying account and allows consumers to transfer funds from their account to the retailer’s account reliably and securely by scanning a QR code.
“Customers have told us they appreciate how fast and easy it is to use
mVisa Merchant Benefits
mVisa is an agile solution that allows merchants around the world to immediately accept digital payments from their customers. The flexible nature of QR codes, and the fact that merchants do not need to invest in POS infrastructure, has allowed Visa and its partners to offer inventive solutions that eliminate friction for consumers who want and need to pay for goods and services around the world.
The mVisa APIs and SDKs are available on the Visa Developer Platform to help simplify the integration process and allow both traditional and non-traditional players to launch new solutions more quickly.
Interoperability is at the foundation of Visa and has been the driving force behind Visa’s global acceptance for more than 50 years. mVisa operates on the same foundation, as any bank’s mVisa customer – regardless of where they bank - can transact on any mVisa merchant.
The benefits of this low cost acceptance solution was also the reason behind why Visa worked with industry partners to launch BharatQR in February this year. BharatQR is India’s – and the world’s – first standardized QR code payment solution. The solution builds on mVisa’s product standards, and consumers do not need to scan different QR codes at the same merchant provided by the different payment networks. Merchants only need to display one QR code at the storefront or through the acquiring bank’s mobile application. The underlying specification for BharatQR can be implemented in other countries to deliver a globally interoperable solution.
1 mVisa Mumbai Research Study, GfK,