MUST READ: TECHPRODUCTS’ FEBRUARY TECH DOSE
Do you know anything about mVisa? No? Stay with me..
mVisa is basically a payment service in the form of a bank funds transfer service through mobile and via the Visa network. This means that the person sending the money and the party receiving don’t need to share a bank.
At the Mobile World Congress 2017, Visa announced that mVisa, its QR-based payment service, will be coming to Nigeria. The service is currently live in India, Kenya and Rwanda, and not only would it be newly launched in Nigeria, other places that it would become available to merchants and consumers are Egypt, Ghana, Indonesia, Kazakhstan, Pakistan and Vietnam.
One very important and added advantage here is that it brings the benefits of easy and secure digital commerce to financial institutions, merchants and consumers in emerging markets – helping accelerate the global migration from cash to electronic payments. This would be in complement to Nigeria’s cashless economy policy.
“Customers have told us they appreciate how fast and easy it is to use mVisa1,” said Uttam Nayak, senior vice president of digital for emerging markets, Visa Inc. “Small merchants using mVisa, for the first time, are most excited about how quickly and securely they receive electronic payments, without having to invest into expensive point of sale (POS) infrastructure.”
“We are excited to continue to build momentum around mVisa to digitize payments with a scalable, interoperable and secure solution that benefits merchants, financial institutions and consumers.”
Just like they did in Kenya some months back, I believe they’ll be partnering with the various leading banks we have in Nigeria.
mVisa is 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.
So brace up people, our cashless economy policy just got a boost.