In sync with Government’s digital economy drive, Cinépolis, India’s first international and world’s fourth-largest movie theatre chain, has announced the launch of a Unified Payment Interface (UPI) across all its multiplexes in the country.
Patrons can have the convenience of transaction through UPI which operates on the concept of a Virtual Payment Address (VPA). Cinépolis is India’s first movie theatre chain where customers can pay through UPI at offline stores. This payment solution is implemented by HSBC bank across all Cinépolis outlets.
Speaking on the occasion, CFO, Cinépolis India, Rodrigo Perez Morales, said, “This will prove to be a game changer for the multiplex industry as it will lessen the cost of transactions along with a quicker checkout experience. Our patrons can now watch movies without worrying about cash payment as UPI will smoothly allow the transition to a cashless economy by providing a unique identity (VPA) for any consumer with a smartphone and a bank account. We are hopeful that we will have a phenomenal response and all our customers will gradually adapt to Unified Payment Interface.”
Director – India Strategic Initiatives, Cinépolis India, Devang Sampat, added, “With a strong drive of encouraging digital transactions, we are delighted to partner with HSBC India and launch Unified Payments Interface across all our properties. UPI allows users to send and receive money through their smartphones with the help of VPA (Virtual Payment Address). Patrons will just have to share their VPA at the booking counter and they will receive one notification on their mobile app to approve the transaction. In future, we will keep on adding new digital mode of payments at Cinépolis to give our patrons options to transact digitally.”
Managing Director & Head Global Liquidity and Cash Management, HSBC India, Divyesh Dalal, further said, “We look forward to strengthening our partnership with Cinépolis by providing them our UPI solution. This will now allow movie lovers to pay seamlessly for tickets and food and beverage across various Cinépolis locations in India thus providing a superior customer experience. It will also help to reduce the average waiting time.”
Further, given the enhanced coverage, interoperability and cost dynamics of the UPI solution, we expect the acceptance of UPI-based payments to increase over time. Our UPI offering aims at providing a channel agnostic collection solution to corporates, which will enable Cinépolis to drive sales through increased digitization of flows he added.
The partnership between Cinépolis and HSBC India is aimed at encouraging movie patrons to increasingly transact using digital and cashless options. With a surge in the number of smartphone users in India along with increasing app downloads and widespread access to Internet, the introduction of a UPI based solution is a step in the right direction towards becoming a digital economy.
UPI was launched by National Payments Corporation of India along with Reserve Bank of India to enable the consumers to make payments through their smartphones. It is basically an interface through which account holder of one bank can transfer/receive money to someone having account in same/different bank through a smartphone. There is no need for sharing each other’s bank account details. There is also no need for swiping debit/credit card, keying in your confidential PIN.