Visa Inc., the global leader in payments, and Interswitch, the leading integrated payments and transaction company in Africa, have announced a partnership to accelerate mobile payments adoption across the region. This partnership will see Visa and Interswitch upgrade the digital banking applications of the leading banks to include mVisa. It will also make sure that more merchants 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’s number. Payments go straight to the merchant’s account. The platform provides real-time notification to both parties. mVisa is completely interoperable. This means that the merchant and the customer do not need to patronize the same bank. Also, the platform can also be used to enable customers who use different mobile devices and services to interact. Thus, it brings a versatile and secure mobile solution to consumers everywhere, powered by Visa. Consumers will experience the same look, feel and familiarity of their banking apps, but they will now have the option to make an mVisa payment. The solution is expected to roll out to Nigerian customers before the end of 2017.
Interswitch will work closely with Visa in selected African markets in West and East Africa to develop a Merchant Management Platform to receive Original Credit Transactions(OCT) from Visa as well as app-based merchant enrolment solutions. These would enable minimum Static QR code functionality.
Emezino Afiegbe, Country Manager for Visa West Africa, had this to say about mVisa:
“We are excited by the prospects of mVisa for Nigeria as a mobile payment solution which brings real benefits to drive digital transformation. Essentially, mVisa allows merchants to accept Visa payments without having to invest in costly point of sale hardware, and thereby gives Nigerian consumers a reliable, secure and convenient mobile payment option.”
Here’s a quote from Akeem Lawal, Divisional CEO for the Switching and Processing Business at Interswitch Group:
“This partnership with Visa was a result of a shared passion for promoting digital payments as a way for all merchants to be able to accept payments without expensive infrastructure. There was an alignment of objectives from the start that made this an easy relationship, like having an interoperable platform”