PhonePe introduces suite of three core Visa applications

PhonePe and Visa have launched a suite of payment tools that simplify how retailers accept money and how customers manage transactions. The core of this update includes 'Tap to Pay,' 'Cross Border Scan to Pay,' and 'Smart Accept.' For retailers, the biggest impact comes from the Smart Accept feature. This allows merchants to accept payments from multiple sources through a single integration. It reduces the technical friction of managing different payment methods at the point of sale. For businesses dealing with international customers, the 'Cross Border Scan to Pay' is a significant upgrade. It allows foreign travelers to pay using their existing apps via QR codes, with Visa handling the backend currency conversion. This eliminates the need for physical currency exchange or specialized hardware for international cards. The 'Tap to Pay' feature turns mobile devices into payment terminals. This means smaller operators can offer the same contactless convenience as large big-box stores without investing in expensive, dedicated POS hardware. Overall, these tools are designed to speed up the checkout process and reduce the number of abandoned sales caused by payment friction or limited payment options.

Source: Finextra — Lending

← Return to the library· Submit a correction