PVR is India’s first Cinema Chain to launch UPI
New Delhi, 27th December, 2016: PVR Cinemas, the largest cinema exhibition company in India, is the first cinema chain to launch Unified Payment Interface (UPI) for its 122 properties across the country. The option will enable customers to make online payments via UPI in addition to net banking, wallets and credit/debit cards.
This will bethe first large-scale rollout of UPI by any cinema chain in India. All of pvrcinemas.com userswill have access to making payments via UPI starting today. UPI is a uniquepayment solution built to empower customers to initiate payment requeststhrough their smartphone. It provides a Virtual Payment Address (VPA), throughwhich users can send and receive money on a two-factor authentication.
“By being anearly mover in offering UPI to our website users, PVR is helping bringfrictionless commerce to India. We’ve been in conversations with multiplestakeholders to vet our internal systems and have run successful pilots toensure a seamless payment experience. Anyone with a smart phone and a bankaccount will be able to benefit from UPI for transacting money online. This isa major change for online commerce as UPI will allow us to reduce transactioncosts and create a faster checkout experience” said KamalGianchandani, Chief of Strategy PVR Ltd
Created bythe National Payment Corporation of India (NPCI) with the support of theReserve Bank of India and Indian Banks Association (IBA), financial expertsbelieve UPI will boost the online payments industry and is a major step towardsbuilding a ‘cashless society’.