Most popular film entertainment company – PVR Cinemas has now launched the Unified Payment Interface(UPI) for all its 122 PVR theatre across the country. Through this facility, the movie lovers book their tickets and make online payments through the UPI option in addition to net banking, wallets, Credit or Debit cards.
It provides a Virtual Payment Address (VPA).By using the VPA technology, users can send and receive money on a two-factor authentication. This UPI is a unique payment solution which has built to empower the customers to initiate the Payment requests through their smartphones. The UPI application allows multiple bank accounts, several banking features – Fund transfer and Merchant Payments in a Single mobile application.
The Latest UPI feature allows the patrons to transact money at PVR properties through a single app. This application works only for smartphones, we plan to implement a similar feature which will make cashless transactions via feature phones also available.
This is a major change for online commerce as UPI will allow us to reduce transaction costs and create a faster checkout experience. The financial experts believe that UPI will boost the online payments industry and is a major step towards building a cashless society.
After the demonetisation on 8th November 2016, PVR Cinemas has seen a sharp increase in online/cashless transactions for ticketing and F&B purchase. The revenue of the PVR has come down to almost 20 percent.
