Shares of Visa Inc (NYSE:V) ended Wednesday session in red amid volatile trading. The shares closed down -0.40 points or -0.49% at $81.49 with 11.00 million shares getting traded. Post opening the session at $81.46, the shares hit an intraday low of $81.45 and an intraday high of $82.22 and the price vacillated in this range throughout the day. The company has a market cap of $189.88 billion and the numbers of outstanding shares have been calculated to be 1.89 billion shares.
On September 15, 2016 DCB Bank, a new-generation private sector bank in India, has announced the launch of mVisa. The mobile based payment solution will make payments at retail outlets much easier: Customers of any mVisa issuing bank can make digital payments at mVisa enabled retail outlets simply by scanning a unique QR code on their smartphones. To implement mVisa, the DCB Bank has partnered with GI Technology, a Chennai-based digital payment company. As a Wirecard AG subsidiary company, GI Technology is one of India’s and South East Asia’s leading electronic payment companies that provides retailers with the acceptance of mVisa payments and withdrawls at their POS within this collaboration.
Praveen Kutty, Head of Retail & SME Banking, DCB Bank is confident that the mobile-first approach of mVisa is a pioneer in digital payments. “We are convinced that our collaboration with Visa and GI Technology will accelerate set-up of infrastructure for retail outlets to accept digital payments.”
Ramu Annamalia Ramsamy, Managing Director of Wirecard’s GI Technology, says: “We have been on the forefront of India’s very dynamic and early-stage e-commerce and digital payments market for many years. We appreciate this prosperous cooperation and are looking forward for many more to come.”
“India is undergoing a digital revolution with a clear shift in customer preference to move away from cash payments and mobile phones are a key enabler in this transition”, said T.R. Ramachandran, Group Country Manager, India and South Asia, at Visa. “I am positive this partnership will be instrumental in accelerating the adoption of digital payments.”
The mVisa solution has been enabled at over 1,000 Smart Shop retail outlets and the bank plans to expand this number to over 25,000 shops across India in the next few months. Through mVisa, customers can also avail themselves of Cash@POS service and pay for goods and services directly using their smartphones.
Shares of ICICI Bank Ltd (ADR) (NYSE:IBN) ended Wednesday session in green amid volatile trading. The shares closed up +0.16 points or 2.03% at $8.05 with 10.81 million shares getting traded. Post opening the session at $8.04, the shares hit an intraday low of $8.00 and an intraday high of $8.10 and the price vacillated in this range throughout the day. The company has a market cap of $23.24 billion and the numbers of outstanding shares have been calculated to be 5.82 million shares.
ICICI Bank Ltd (ADR) (IBN) provides banking and financial services in India and internationally. It operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, General Insurance, and Others segments. The company offers savings, salary, pension, current, other accounts; and fixed, recurring, fixed, and security deposits. It also provides home, car, personal, gold, and commercial business loans, as well as loans against securities and other loans; business loans, such as cash credit/overdrafts for working capital requirement, export credit, term loans, letters of credit, and bank guarantees; and credit, debit, prepaid, travel, and corporate cards.