Axis Bank, HDFC Bank, ICICI Bank, and State Bank of India plan to sign 20,000 merchants to participate in a test of a new QR code-based mobile payment system called mVisa. Debit, credit, and prepaid cardholders from those same banks will download the mVisa app and use their smartphones to scan a QR code on a tent card at participating merchants to make the payments. The mVisa app will automatically populate the app with the merchant’s bank account details, which will then be sent to the merchant’s bank after the cardholder presses “pay.” The merchant and the cardholder will receive SMS...