Visa is preparing for the launch of a new mobile payment service for the Indian market. As part of the plans, Visa is establishing a technology centre in the Bangalore area of the country.
The Bangalore centre is one of several facilities planned by Visa in the US and Asia as part of a global strategy to transform its global processing network into an open commerce platform.
As part of the opening ceremonies, Visa announced mVisa, a new mobile payment service that will be tested with merchants across the Bangalore region and with customers of Axis Bank, HDFC Bank, ICICI Bank, and State Bank of India.
Consumers will be able to download the mVisa application to their smart or feature phone and securely link their debit, credit or prepaid cards, enabling consumers to pay for purchases in stores and online by initiating a transfer of funds from their account to the merchant’s account. Additionally, mVisa users will be able to pay bills and send funds to other Visa account holders.
The company plans to roll it out to 20,000 merchants in the greater Bangalore region in September 2015.