Visa Incorporated and
Interswitch have partnered to deepen
mobile payment adoption across Africa.
The partnership will see the two payment firms upgrade the
digital banking applications of leading banks to include mVisa, as well as
enable more merchants to accept mVisa payments.
mVisa is an innovative mobile payments solution that allows
consumers to pay for goods from any type of phone by either scanning a QR code
, or entering a merchant number. Payment goes straight from the consumer’s
account into the merchant’s account and provides real-time notification to both
parties. mVisa is completely interoperable, meaning that the consumer and the
merchant do not need to be customers of the same bank. It can also be used to enable consumers who
use different mobile phones and services to interact. This brings a versatile and secure mobile
money solution, powered by Visa, to consumers everywhere.
Consumers will experience the same look, feel and
familiarity of their banking app but now they will have the option of making an
mVisa payment in an easy-to-understand way. The solution is expected to be
rolled out to Nigerian consumers before the end of this year.
The partnership will also enable more merchants to accept
mVisa, which will benefit the millions of local merchants and small medium
enterprises (SMEs) who represent up to 60 percent of Nigeria’s economy. The
mVisa solution will allow informal traders to accept electronic payments in a
cost-effective way, without the need for investing in point of sale
terminals. Merchants are able to receive
payments directly into their bank account within minutes of a consumer making a
payment.
Unlike other mobile payment solutions, mVisa supports
well-established processes to handle refunds and chargebacks for consumers.
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