Visa, Nigerian Banks plan release of mVisa before end of year

Visa has said that it is in advanced discussions with leading Nigerian banks to bring its mobile payments solution, Mobile Visa (mVisa), to Nigeria and expects to roll the solution to Nigerian consumers before the end of 2016.

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 phones.

Payment goes straight from the consumer’s Visa account into the merchant’s account and provides real-time notification to both parties.

It 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.

The group country manager for Visa West Africa, Ade Ashaye, said, “We are excited by the prospects of mVisa for Nigeria as a mobile payment solution which brings real benefits to drive digital transformation because mVisa allows merchants to accept Visa payments without having to invest in costly point of sale hardware. It gives Nigerian consumers a reliable, secure and convenient mobile payment option.”

The head of Retail Banking for Diamond Bank, Robert Giles, said, “We’re incredibly excited about the mVisa and 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.”

It increases the opportunity to include more Nigerians into the formal financial system.”

www.mobilemoneyafrica.com