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TABCab to accept QR code payments from mVisa; interoperability issues

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Radio taxi operator TABCab has tied up with global payments provider Visa to allow QR-code based payments through their mVisa solution. As of now, QR code based payments will be rolled out to 1,000 cabs in the fleet.

Using mVisa, customers will be able to pay fares through their respective bank’s mobile banking app by scanning the driver’s QR code displayed as a badge or a sticker in the taxi. The driver will receive a payment notification either through an SMS or on the Ongo app (for smartphone users).

The service is currently available on the following apps – Axis Bank Mobile Banking App, Bank of Baroda M CLIP App, Bank of India mVisa App, HDFC Bank PayZapp, Pockets by ICICI Bank, State Bank Anywhere App and Udio Payments App.

Users can link their Visa debit, credit or virtual prepaid card to the mVisa application and make purchases by scanning a QR code at a retailer.

AGS Transact Technologies, which operates Ongo, also does merchant acquisition for mVisa for QR code payments. They also process the backend payments for Visa. Note that rival MasterCard has also rolled out QR Code is offering QR code-based payments for merchants through a solution called Masterpass and Ongo has also partnered with them to get more merchants.

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How inter-operability works on QR codes payments

QR code payments over Visa and MasterCard are pretty convoluted at the moment which requires creation of multiple virtual prepaid cards and the card networks acting as payment gateways.

Consider this scenario:

A customer only has a debit card issued by HDFC Bank on MasterCard.

-The customer can link the card with HDFC Bank’s PayZapp mobile wallet.
-PayZapp will in turn create a virtual prepaid card on Visa which can be loaded from either any card (Visa, MasterCard or RuPay).
– Once a QR code is scanned, the payment is initiated on mVisa and funds are pulled from Visa’s virtual prepaid card.

Similarly on Masterpass, customers who have Visa or Rupay cards have to create a virtual prepaid card (made by MasterCard) and load money. Once a QR code is scanned, the payment is pulled from the virtual prepaid card and processed over MasterCard’s payment network.

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