Mobile commerce to get a boost as banks partner up with Visa
Several Indian banks have begun to test a mobile payment service that has been developed by Visa. Axis Bank, HDFC Bank, ICICI Bank, and State Bank of India have all agreed to test Visa’s mVisa service, which will allow their customers to make in-store transactions with their mobile devices. They will also be able to use the service to pay bills and send and receive money with their smartphones. The service will be available to approximately 20,000 merchants in Bangalore, India, beginning in September of this year.
India has become one of the fastest growing mobile commerce markets in the world
India has become a very powerful figure in the mobile commerce industry. Smartphone penetration throughout the country has grown significantly over the past few years and mobile Internet access is growing as well. This has lead to more people using their mobile devices to shop for and purchase products that they are interested in. Visa has entered into the mobile commerce space as well, looking to provide new services to merchants and financial organizations that aim to engage mobile consumers.
mVisa will provide consumers with a quick and easy way to purchase products online and in physical stores
The mVisa mobile payments service will provide consumers with numerous benefits. They will be able to associate the service with their bank accounts, and they can use the service to fund their other Visa accounts or simply pay bills using their mobile device. The service will support in-store mobile transactions, which will enable merchants to provide better service to customers with mobile devices. This will also provide consumers with a convenient way to purchase products.
Visa attempts to improve the security of mobile commerce
Mobile commerce has become quite popular among consumers in India because it represents a convenient way to shop. Despite this growing popularity, many are still concerned about the security of mobile payments. Visa has taken steps to make mobile commerce more secure, including the introduction of tokenization, which involves replacing financial information with digital tokens that can be used to authenticate a transactions.