Visa to bring first-of-its-kind mobile payments solution to Nigeria
mVisa is an innovative mobile payments solution that allows consumers to pay for goods by scanning a QR code on a smart phone or entering a merchant number into their feature phones. Payment goes straight from the consumer’s Visa 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.
“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. “Because mVisa allows merchants to accept Visa payments without having to invest in costly point of sale hardware, it givesNigerian consumers a reliable, secure and convenient mobile payment option.”
“As a bank committed to bringing unrivalled customer experiences, we’re incredibly excited aboutmVisaand its potential for our customers in Nigeria. 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.”
Merchants also benefit from mVisa.Recent data2suggests that the informal economy, which refers to economic activity that is often cash-based and goes unreported, represents up to 60 percent of Nigeria’s economy. Visa’s research indicates that most consumers, eventhose who are moreaffluent, do much of their daily shopping at informal traders and open markets. mVisa allows informal traders to accept electronic payments in a cost-effective way, without the need for point of saleterminals. 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 the well-established process to handle refunds and chargebacks for consumers.
mVisais available with software developer kits (SDKs) and access to Visa APIs,allowing banks and programmers to build additional solutions to help address local payment needs. Click here for further information.
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