Visa, the worldwide pioneer in installments, on Tuesday declared an organization with Pan African bank, Ecobank, to take off mVisa, a creative versatile installment benefit, at first in key African markets of Nigeria, Ghana, Kenya and Tanzania, before going to 29 others by year-end, in a move that flags their offer to effectively empower the item crosswise over Sub-Saharan Africa.
An announcement by the Emily Kaiga, Corporate Communications at Visa sub-Saharan Africa and Richard Uku, Head of Group Communications, Ecobank Transnational Incorporated, said buyers utilizing mVisa can pay for merchandise and enterprises for ordinary costs from bill installments to staple goods and taxi administrations, by essentially checking a QR code on a PDA or entering a trader recognizable proof number into their element telephones.
mVisa, it added, addresses the need for a convenient, low cost acceptance payments service throughout a continent which has an informal sector which contributes about 55% GDP that is largely cash based.
The new product is expected to enable merchants receive electronic payments directly into their bank accounts, within minutes of the consumer making a payment, without the need for point-of-sale terminals. They can receive payments and provides real-time notification to both parties. Unlike other mobile payment services mVisa can also handle refunds and charge backs, so if a merchant needs to refund a consumer, mVisa can facilitate this.
mVisa is already well on its way to establish a track record in emerging markets. In India where 10 million consumers have downloaded mVisa via their banking app, eight banks are issuing mVisa, and 50 000 merchants ranging from taxis to restaurants and bill payments are enabled to accept mVisa transactions. And in Africa, mVisa was recently launched in Kenya with three issuing banks and more than 1500 merchants.
“Visa is a globally recognized brand. We are therefore excited to accelerate the growth of digital payments in partnership with them. Our joint objective is to leverage mVisa to underpin a robust mobile payments ecosystem that will make financial inclusion, at an affordable and sustainable price point, a reality across our markets,” said Ade Ade Ayeyemi, Group CEO of Ecobank.
Consumers can also make payments to other individuals (person-to-person or P2P) and Ecobank’s branchless banking agents will be able to do cash-in-cash-out transactions across the region.
For Andrew Torre, group country manager for Visa in Sub-Saharan Africa, “we are excited to partner with Ecobank to bring mVisa to the 33 African markets in which they operate. Through this partnership we can enable Ecobank to offer an interoperable mobile payment service with real benefits to drive digital transformation across the continent. Backed by the advantages of Visa’s global network – security, reliability and global acceptance – mVisa allows any consumer with any mobile device to make payments both domestically and internationally.”