Visa is said to be in advanced talks with some of the big banks in Nigeria and gearing up to roll out mVisa, its mobile payments service, with banking partners before the end of 2016, according to a report.
“We’re excited by the prospects of mVisa for Nigeria as a mobile payment solution which brings real benefits to drive digital transformation,” said Ade Ashaye, group country manager for Visa West Africa, according to Bella Naija. “Because mVisa allows merchants to accept Visa payments without having to invest in costly point-of-sale hardware, it gives Nigerian consumers a reliable, secure and convenient mobile payment option.”
The mobile payment product will be available to consumers who use smartphones, as well as to those consumers who use basic phones that don’t have a lot of features. MVisa has the potential to provide the ability to pay with a mobile device to close to all of the 150 million active mobile phones in Nigeria. Consumers can tap mVisa agents as well for domestic remittance and to access their cash if there are no ATM networks.
“As a bank committed to bringing unrivaled customer experiences, we’re incredibly excited about mVisa and its potential for our customers in Nigeria,” said Robert Giles, head of retail banking for Diamond Bank, in the report. “The service enables people to engage in secure, digital commerce and access funds more easily in their bank accounts to make everyday purchases. MVisa increases the opportunity to include more Nigerians into the formal financial system, which will help the economy and society grow.”
The service is expected to be a boon for local merchants because mVisa enables informal traders to accept digital payments in a way that won’t cost them a lot. They won’t need point-of-sale terminals. Merchants will get payments directly into their bank account minutes after the customer pays.