The deal, according to the company, will take place where Paga operates and part of its global expansion plans.
Tayo Oviosu, Founder and Group CEO, Paga, said, “We are excited to partner with Visa, a leader in payments globally, as they are constantly building world-class solutions for consumers and businesses.
“Our goals are well aligned. As we scale our wallet across emerging markets such as Nigeria, Mexico, and Ethiopia, partnering with Visa to give both consumers and businesses, who have been underserved, access to Visa’s global network made sense to us.
“Furthermore, it was clear to us in all our engagements the alignment of our goals towards solving the issues of cash, digitizing cash transactions and delivering financial services using new and innovative approaches. We are very happy to have signed a long-term relationship with Visa.”
Reflecting on why Visa chose to partner with Paga, Otto Williams, Visa’s Vice President, Head of Strategic Partnerships, Fintech & Ventures for Central Europe Middle East and Africa commented, “We are excited to have Paga plug into our network, as a company we remain grounded on the principles of partnership, innovation, trust, and openness. This development ushers in a new era of speed and convenience beyond borders. It also allows us to continue working towards innovating robust platforms through which merchants using Paga’s payment collection suite can benefit from international money transfers and the growing eCommerce industry.”
What the Paga-Visa partnership entails
- The partnership will help both companies drive alternative payment channels, such as mobile wallets, within the global ecosystem.
- All Paga account holders will have access to Visa credentials (physical and virtual cards) tied to their Paga accounts, and thus the ability to transact anywhere in the world through Visa is accepted.
- Both companies will also launch several innovative merchant acceptance solutions which range from QR codes and NFC for in-store merchant payments, online payments, and international remittances, through Visa’s network.
- Paga says all its merchants on the payment collection suite will be able to accept non-card based payments from customers of any bank in the world who offer Visa products.
- Paga will join Visa Fintech Fast-Track Program. The Visa fintech fast-track program makes it easier for fintechs to access the global Visa payments network. The program is part of Visa’s global strategy to open up her network and support a broad range of players that are developing new commerce experiences. The fintech fast-track program provides a new commercial framework that includes eased access to Visa’s payment capabilities and streamlined processes to support companies of different sizes and at different growth phases.
The Visa deal is coming less than a week after Paga collaborated with Flutterwave on simplified payment solutions.
The Flutterwave-Paga deal will ensure simplify payments for merchants, and Paga customers will have to access products from merchants on Flutterwave merchant service, with a simple, secure, one-click payment.