Visa is planning to launch Visa QR-based mVisa Service in Pakistan. Pakistan is an ideal country to launch such service where mobile payment options are almost non-existent. This mobile payment option will greatly facilitate customers and vendors in quickly making transactions.
What is QR-based mVisa Service?
The QR-based mVisa Service uses the QR code to process payments. Similar services already exist in other parts of the world like Android Pay, Samsung Pay, Apple Pay and Alibaba secure payment.
This may be a new payment option for some in Pakistan. All you need to do is scan a QR code and you will quickly make the payment. There are many benefits of this service. However, there can be some potential risks of using this service discussed at the end.
Benefits of this Mobile Payment Option
Here are some of the benefits of using this mobile payment option.
- On the go shopping.
- Easy to make payments.
- Customers do not have to pay for the mistakes of the cashiers.
- On the side of the shopkeepers or vendors, it helps reduce time spent on cash management.
- Customers do not need to sign credit slips like they do in card based transactions.
- They also do not need to share sensitive debit or credit card data.
Countries with this Mobile Visa Payment Option
QR-based mobile Visa Service is currently available to India, Kenya, and Rwanda.
The other countries to which this service will become available include the following.
How does This Payment Option work?
The app works by just scanning the QR code of the product. This mobile payment option eases the shopping experience of the consumer.
This mobile payment option helps save the time while automatically sending the money to the vendor.
The QR-based mVisa Service also allow users to send and receive payments.
QR-based mVisa Service for Customers
The company wants to overcome merchant infrastructure issues. The ability of consumers to use their mobile phones to make purchases at merchant outlets, remotely make payments of the bills, and send money securely are key.
The users of the QR-based mVisa Services will allow consumers to transfer funds from their account to retailer’s account without worrying about security.
Here is what Senior Vice President of Digital for Emerging Markets Visa Inc had to say about it.
“Customers have told us they appreciate how fast and easy it is to use mVisa. Small merchants using mVisa, for the first time, are most excited about how quickly and securely they receive electronic payments, without having to invest into the expensive point of sale (POS) infrastructure. We are excited to continue to build momentum around mVisa to digitize payments with a scalable, interoperable and secure solution that benefits merchants, financial institutions, and consumers.”
Potential Risks of QR Based Payment
Here are some of the possible risks.
Malicious QR Codes
QR codes are very complex and only machine readable. It is very easy to deceive human eye by making malicious QR code look similar to the real one. This type of problem can result in sending payments to someone else instead of the vendor.
QR Based Payments Banned in China
In 2014, The People’s Bank of China banned the use of QR Codes for making payment. The bank cited security reasons behind the QR-based payment options in China. The bank is still working on standardizing the QR based mobile payments.