SVC Co-operative Bank Ltd. (SVC Bank – formerly known as The Shamrao Vithal Co-operative Bank Ltd.), has introduced its home-grown QR facility, SVC QR+.
Inaugurated at the hands of S Ravinder Singh, Managing Director, SVC Bank, at the Bank’s Regional Office in Thane, this launch marks a major milestone in its digital payments journey.
With this launch, SVC Bank now functions as both an issuing and acquiring bank under the Unified Payments Interface (UPI) framework, reinforcing its commitment to innovation in digital banking.
As part of the initiative, the Bank will provide merchant customers with unique QR code stickers or QR codes with sound boxes, enabling seamless UPI-based payment acceptance across all UPI-enabled apps and banks.
The SVC QR+ solution bundles a robust suite of advanced features built on the UPI infrastructure both on issuing and acquiring side, supporting UPI Lite, Interoperable Cardless Cash Withdrawal (ICCW), and UPI Delegate/Circle to enhance convenience and flexibility for both merchants and customers, said SVC in a press release.
Designed for rapid and frictionless deployment, the platform ensures instant merchant onboarding, batchwise settlements, and centralised transaction monitoring through a digital dashboard for real-time tracking and simplified reconciliation.
The system has been built in full compliance with NPCI and RBI standards, incorporating end-to-end encryption and continuous monitoring to ensure transaction security and regulatory adherence. The launch of SVC QR+ extends the Bank’s digital ecosystem, offering merchants and customers a secure, interoperable and user-friendly payments experience, stated the Bank’s release.
This initiative underscores SVC Bank’s commitment to advancing the cashless economy and supporting micro, small and medium enterprises through seamless digital payment solutions. The Bank also plans to integrate advanced analytics, value-added services and merchant engagement tools to strengthen transparency, efficiency and ease of use in the coming phases, it added.
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