ICICI Bank, one of the India's largest private sector banks,  today announced the launch of 'mVisa', a new mobile payment solution from Visa.

This service enables customers to make electronic payments from their smartphones at physical stores, e-commerce & other deliveries at home, radio taxis and utility billers among others.

ICICI Bank is the first bank globally to launch a mobile app based 'mVisa' solution for consumers and merchants.

With this service, users of 'Pockets' can make cashless payments from their smartphones using their debit card by simply scanning a 'mVisa' Quick Response (QR) code at a merchant location without swiping the card at an EDC machine, the bank said.

To use this facility, a customer is simply required to click on the 'mVisa' icon on the home screen of the 'Pockets' app. The app automatically activates the camera in the phone, allowing customers to scan the QR code and enter their debit card PIN.

Speaking at the launch, Rajiv Sabharwal, executive director, ICICI Bank, said, ''We are delighted to partner with Visa to introduce yet another first - a payment solution that will allow cashless payments using smartphones at many more locations than are currently available.''

Shares of the company declined Rs 3.65, or 1.29%, to trade at Rs 279.25. The total volume of shares traded was 277,450 at the BSE (1.49 p.m., Thursday).