QR Code based mVisa payment solution being implemented by Udio pan-India
Mumbai, December 13, 2016: India’s leading digital payments company TranServ announces implementation of QR code based payments system across 500+ National toll plazas and for merchant partners across India to go cashless. Transerv’s flagship brand- Udio, is the first non-banking app in India to integrate the mVisa technology on its platform. mVisa is a QR code based payments technology that allows Udio users along with all other mvisa enabled bank-app users to make cashless payments from a smartphone with just 3 taps.
“With the recent cash crunch in Indian economy, Consumers have been witnessing massive queues and huge inconvenience at Toll plazas. Udio’s mVisa implementation at these Tolls Plazas will help Consumers with easier alternatives to pay change and enable free flow of massive freight & passenger traffic .” said Anish Williams, Co-founder & CEO @Udio.
To enable digital payments at toll booths, Udio is working with toll operators across India to create a QR code based payment infrastructure. This will allow millions of mVisa enabled app consumers, across banks to digitally checkout at toll plazas across the country.
“We have been on the forefront in actively exploring various technology-driven solutions, and are extremely pleased to offer one more such customer centric solution for the Highways users. Vehicles on our Project Highway can now commute with ease using various cashless-payment options including eWallets. This will ensure that commuters no longer face any hassle of finding cash to pay at toll booths, and for the operation team at the Toll Plazas, this will essentially eliminate the challenge of handling physical cash & rendering exact change.” said M Muraleemohan, Head – Operations (Roads & Bridges), L&T IDPL.
Consumers simply need to open the Udio app or any other Bank app with mVisa on their smartphones and scan the QR code at the toll plazas. The name of the toll plaza then appears on the app, following which the user simply enters the amount to pay and it is deducted from the balance available in consumer’s app.
Users can download the Udio app for free from Google’s Play Store and Apple’s App Store.
TranServ is India’s leading payments technology company focused on delivering the best payment experiences & products to individuals & business partners. The company offers a rich stack of Payment APIs to business partners to build their specific payment use cases. Individuals can also download the Udio Mobile Application and /or acquire a Udio Visa prepaid Card, issued by RBL Bank. TranServ has been authorized by RBI to set up and operate a semi-closed loop prepaid payment instrument.
Investors in TranServ include Nirvana, Faering Capital India Evolving Fund, IDFC SPICE Fund, a domestic venture capital fund managed by IDFC Asset Management Company and Micromax Informatics.