PVR Implements UPI Across 122 Properties In India
With the entire nation going cashless, movie multiplex chain PVR has taken a lead to implement UPI(Unified Payment System) across 122 properties in operates in the country. What this does for customers, is that they can now pay via the UPI apart from debit/credit cards, netbanking, and the payment wallets which are in place.
In a statement to the media, PVR Cinemas said, “This will be the first large-scale roll-out of UPI by any cinema chain in India. All of pvrcinemas.com users will have access to making payments via UPI starting today.”
The way the system works is, that virtually any user with a smartphone, bank account, and data plan can use the UPI system. There is a 2-factor authentication, which allows the transfer of payments from the users’ bank account to the service provider/merchant’s account via electronic means, and no cash being involved in the process.
Kamal Gianchandani, the Chief of Strategy of PVR Ltd explained, “Anyone with a smart phone and a bank account will be able to benefit from UPI for transacting money online. This is a major change for online commerce as UPI will allow us to reduce transaction costs and create a faster checkout experience.”
The UPI payment system was created by the National Payment Corporation of India (NPCI), alongside the support of the Reserve Bank of India (RBI) and the Indian Banks Association (IBA). Also, financial experts across the country had given the system a go-ahead, as they believed it would make cashless payment transfers, a seamless process. The ultimate goal was to create a cashless society, due to which the UPI system got support from these quarters.