" /> Visa redefines mobile payment with leading banks | Hallmarknews
Published On: Tue, Jul 25th, 2017

Visa redefines mobile payment with leading banks

EMEKA EJERE|

 

         

(L-R) Visa. Director, Client Support Accont, Mr Frank Atashili, President of Sub-Saharan Africa, Visa, Mr. Andrew Torre, Divisional Head Electronic Banking Fidelity Bank, Ifeoma Onibuje, Head Retail Banking Businesses Diamond Bank, Mr. Robert Giles, Visa Senior Vice President of digital solutions for Visa Middle East, Mr. Uttam Nayak, and Acting Country Manager, Visa West Africa, Mr Emezino Afiegbe at the official launch of mVisa in Nigeria

 

 

Global payment leader, Visa last week launched mVisa, its QR-based innovative mobile payment service in Nigeria, in line with its determination to cover the entire Africa.

It would be recalled that by February this year, the company announced that mVisa, which was then live in India, Kenya and Rwanda, would soon be available to merchants and consumers in Egypt, Ghana, Indonesia, Kazakhstan, Nigeria, Pakistan and Vietnam.

mVisa, a mobile solution, 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.

By this development, consumers from Visa’s Nigerian partner banks can pay with any mobile phone wherever mVisa is accepted.

mVisa transactions are processed via Visa’s global network, VisaNet, applying the same scale, security and reliability as any other Visa transaction.

According to the providers from the date of the launch (July 19), Diamond Bank, Fidelity Bank and First Bank will offer their customers the convenience of mVisa through their mobile banking apps.

They further announced that Access Bank, Ecobank, United Bank for Africa and Zenith Bank will go live with mVisa in the coming weeks. Nigeria is the first market to provide customers the convenience of making cross-border payments using mVisa.

Speaking at the launch event, Andrew Torre, President for Visa Sub-Saharan Africa said, “Small and medium merchants in particular, no longer have to invest in expensive point of sale infrastructure as mVisa gives them the freedom to accept payments in a convenient, secure and affordable manner that their customers trust.”

“We are very excited to see more and more merchants come on board every day as they begin to understand the benefits that mVisa brings, including real-time notifications of payments and access to sales and transactions history. We have campaigns lined up for the coming months to support our merchants and encourage new customers to experience mVisa at various locations across Nigeria.” Torre said

“Today, Visa and its financial institution partners are, for the first time, providing the benefits of digital commerce to potentially everyone, everywhere across Nigeria and the African continent, bringing millions more people into the formal financial system.”

Senior vice president of digital for emerging markets, Visa Inc, Uttam Nayak, assured that mVisa is fast, easy and secure to use, with an added advantage of saving cost as it does not require POS.

“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.”

In his remarks, Group Managing Director and Chief Executive Officer, Diamond Bank, Uzoma Dozie, stated that the launch of mVisa is timely and aligns with the cashless policy of the Central Bank of Nigeria (CBN) and the digital growth strategy of the bank.

‘’With mVisa, Diamond Bank has raised the bar for cashless banking in Nigeria by maintaining its leadership role in driving digital financial revolution in the country.

“Our customers will be able to make everyday payments simply by using their mobile phones. I think mVisa is the biggest thing that has happened in the industry.”

Chief Information Officer of Fidelity Bank, Gbolahan Joshua, said: “mVisa is an innovative service that merges the everyday mobile phone to a payment solutions plan that is easy for our customers to use.

Our account holders will appreciate the convenience mVisa offers.”

Also speaking, Group Head, E-Business, FirstBank, Chuma Ezirim said the bank would continue to embrace innovation to deliver superior services in the best way possible to its customers.

”Partnering with Visa to deliver mVisa is part of the FirstBank’s strategy to deliver reliable, secure and convenient payment options to its esteemed customers.

“It further promotes our digital approach by delivering omni-channel experience to all our customers while enhancing our existing offerings”, he emphasized.

A statement from the company indicates that mVisa is already accepted at hundreds of locations across the country with many more merchants joining the ecosystem over the next few months. These merchants include DSTV, Konga.com, Genesis and IMAX Cinemas, Hard Rock Café, Quickteller and Spar.

The mVisa implementation in Nigeria benefited from the Visa Developer Platform, which allowed all partner banks the ability to integrate the mVisa APIs directly into their mobile banking apps.

While rolling out a new solution with a bank typically can take a very long time from development to implementation and testing, utilizing the Visa Developer Platform interface reduced the time taken significantly.

This helped to speed up the number of banks who have been able to roll out the mVisa solution in Nigeria.

mVisa is now live in Nigeria, Kenya, India, Rwanda and Egypt with plans to launch across Africa.

Reactions from Facebook

comments and opinions

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Recent posts

  • The Rape of Skye Bank:

    FELIX OLOYEDE| Skye Bank has never been lucky, right from its inception in 2005, the financial institution has been serially plundered by its key management figures. Until recently, however, the bank had plodded along impressively keeping its nose as clean as whistle. But with a new and younger board that took over from the sagely […]

  • Call for restructuring unstoppable – OneVOICE

      By EMEKA EJERE  | Despite the rejection of devolution of power to the federating states by the National Assembly, members of Nigerian civil society under the aegis of ‘OneVOICE’ have insisted that the campaign for step by step restructuring of Nigeria must continue. It believes that certain items on Exclusive Legislative List of the […]

  • Broad Street Watch: What really is Nigeria doing right?

      Teslim Shittay-Bey  | It is almost cliché that Nigeria is the sick man of Africa. All things dark and ugly have gradually found a nestling home in Africa’s largest black nation.  Ranging from bloody insurgency, human trafficking, nepotism, ethnic irredentism to grand larceny and political misconduct, Nigeria has been punched into a squared corner […]

  • Quest for Food Sufficiency: ‘Nigeria operates below 50 tractors per 1,000 km2, a far cry from the African standard.

    FELIX OLOYEDE  | Nigeria’s drive to attain food sufficiency may take a longer time if frantic efforts are not made to reverse the current trends of very low mechanized agriculture in the country. The country is way off below global standard in terms of the number of tractors per land area that farmers own, having […]

  • Business Feasibility: Table water production

    DANIEL ZUBAIR  | Nigeria’s bottled water industry has grown phenomenally over the past decade, with volume sales growing at an annual rate of 31% between 2002 and now. The market accommodates both multinationals, large local corporate and thousands of SMEs across the country. Bottled water is expected to comfortably surpass carbonates as the most widely […]

  • Nigeria is having problem because the centre is too strong – Coach Onigbinde

      Chief Adegboye Onigbinde  is a former coach of the Nigerian national football team, the Golden Eagles. Onigbinde has been involved in sports administration in the country at different levels over the past four decades. He is still a member of FIFA’s Technical Committee. Recently he was found in a gathering of politicians from various […]

  • Anambra 2017: Obiano, Nwoye, Uba, Chidoka lead the pack as 32 aspirants justle for guber tickets 

      A total of 32 governorship aspirants, 12 of whom are in the country’s ruling party, the All Progressive Congress (APC), seven from the Peoples Democratic Party (PDP), four each from the All Progressives Grand Alliance (APGA) and United Progressive Party (UPP), are presently justling for tickets of the various political parties ahead of the […]

  • Those resisting restructuring are asking for dismemberment of Nigeria — Nosa Igiebor  

      Restructuring and fiscal federalism are touchy issues for different Nigerians for a wide variety of reasons ranging from the blatantly ethnic to the brazenly self-serving and economic. However some Nigerians see within the call for restructuring and fiscal decentralization a mechanism for growing the Nigerian economy in a manner that would ensure sustained growth […]

  • Enjoy Your Summer with FirstBank Dollar Denominated Cards

      This summer promises to be an exciting one for holiday makers with FirstBank’s bouquet of Dollar denominated cards.  Convenience, security, flexibility and improved spend are the key defining features of these Dollar cards. To delight customers, wherever they travel this summer, FirstBank offers three Dollar card products namely – Visa Gold, Visa Dollar Prepaid, […]

  • My love is for Journalism, but branding is my passion, says Wale Adebiyi, MD, Parvenu Media Services

    Parvenu Media Services is an Ibadan-based SME that is making waves in the personal and corporate branding business in Nigeria. The man behind this fast-growing venture, Wale Adebiyi, a journalist turned branding specialist has been running the business for about a decade. In this interview with FELIX OLOYEDE, he narrates how Parvenu Media Services has […]

  • Do you think that Festac Town can reclaim its glory days?

    Festac Town has lost its glory and many part of the once clean and enviable community is no longer fit for human habitation.  Do you think that Festac Town can reclaim its glory days? Reactions from Facebook comments and opinions

  • First Bank Dopemu bubbles with customers

    ENIOLA ILORI| At a time of crippling recession some industries have proven to be fairly resilient. The banking sector despite the loud and undisguised anger of economic agents in other sectors of the economy has shown its ability to defy earnings gravity by pulling up corporate profits against the odds. Indeed despite the harsh financial […]

  • CAKE BAKING

    DANIEL ZUBAIR| The cake making business is a very lucrative and profitable venture. A lot of people like and appreciate cake. This makes it an easy product to sell. Cake is one of the most consumed snacks and meal by people in Nigeria and all over the world. Reasons Why You should Start Cake Making […]

  • Visa expands global transaction processing with facilities in Singapore, UK

    EMEKA EJERE|   Global payments technology company, Visa has announced expanded transaction processing capabilities in two state-of-the-art data centres in Singapore and the United Kingdom. According to the company, the new global processing hubs will increase the speed, resilience and geo-diversity of infrastructure, while strengthening the company’s ability to deliver new and more sophisticated ways […]

  • Wapic Insurance intensifies growth drive

    EMEKA EJERE| Innovative moves by Wapic Insurance Plc to pat down the adverse effects of recession on its top line earnings has seen the insurer raise its half year (H1) 2017 premium by 31.47 per cent year-on-year. The aggressive drive for new businesses and written premiums helped drive its profit higher, with the company posting […]

  • Stakeholders seek immediate upgrade of maritime infrastructure

    By FUNSHO OLOJO Stakeholders in the maritime sector have recommended urgent upgrade of the industry’s infrastructure to make it more productive. They spoke separately during the 2017 African Day of Seas and Oceans in Lagos. The Managing Director, Nigerian Waterways Authority, Mr. Boss Mustapha, in his presentation drew attention to the condition of Nigerian roads, […]


Visit us on Google+