" /> 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.

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

  • 2017: Investors look back in defiance

    By TESLIM SHITA-BEY The year 2017 was not supposed to be a happy one. Inflation was 18.72 per cent at the beginning of the year, unemployment had jumped a few hoops to settle at 25 per cent for those between the ages of 18 and 25, while lending rates had gotten stuck in a band […]

  • Profit taking drags equities market down

    The All Share Index (ASI) of The Nigerian Stock Exchange (NSE) was down -1.00 per cent on back of profit taking by investors. The bourse closed at 38,534.64 basis points against Tuesday’s 38,924.63 and its year-to-date returns to stand at 43.39 per cent. The equities market hits the 39,000 mark last week and attained three […]

  • Lafarge names Alode new company secretary

    Lafarge Africa Plc has appointed Mrs Adewunmi Alode its new company secretary. In a release signed by the company’s group managing director, Michel Puchercos, which was sent to The Nigerian Stock Exchange on Wednesday, Lafarge Africa stated that her appointment takes effect from December 12, 2017. The new company secretary who had held several positions […]

  • OPEC production falls to six month low

    Oil market may not stabilize before end of 2018 despite Organization of the Petroleum Exporting Countries (OPEC) production reaching six month low in November as U.S. production continues to increase than expected. The Wall Street Journal quoted the oil cartel to have said Wednesday in its monthly oil report that production declined by about 133,500 […]

  • Breaking: 20 vehicles burn as tanker explodes in Festac

    No fewer than 20 vehicles and four commercial motorcycles were on Wednesday afternoon burnt when a tanker laden with petrol fell and spilled its content on the Festac Link Bridge in AwuwoOdofin LGA of Lagos State. The fire started at noon and raged for about an hour Vehicles burn as tanker explodes in Festac area […]

  • Gunmen break into Magu, EFCC chair’s home, shoot police officer dead  

      Some yet to be identified gunmen, Tuesday broke into to the Abuja home of the Acting Chairman of Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu and shot dead a police sergeant attached him the Cable reports  The tragic incident was said to have occurred around 10pm. The attackers reportedly stormed the house […]

  • I fear Nigeria might break up- Awolowo-Dosunmu

      By Obinna Ezugwu Daughter of late sage, Chief Obafemi Awolowo, Dr. (Mrs) Tokunbo Awolowo-Dosunmu has expressed deep concerns about the survival of Nigeria, noting that the country may likely disintegrate if not restructured. “I don’t even want to imagine it (Nigeria not being restructured) because we have come to a breaking point,” a visibly […]

  • How Buhari tackled Jibrin over ‘budget padding’ scandal

      The Cable A simple question from President Muhammadu Buhari to Abdulmumin Jibrin, former chairman of house committee on appropriation, put paid to his allegation of “budget padding” against Yakubu Dogara, speaker of the house of representatives, a new book has revealed according to the Cable. Jibrin had alleged that the 2017 budget was padded […]

  • Lagos govt evicts GIG motors, Peace, GUO, other transporters from Jibowu

      Obinna Ezugwu Lagos State Government on Tuesday sealed off the premises of major transport companies including God is Good Motors, Peace Mass Transit, Chisco Transport, GUO Transport Ifesinachi and other companies in Jibowu area of Yaba, Lagos. Justifying the move, the Permanent Secretary, Ministry of Transportation, Olufemi Salami who acted on the approval of […]

  • World Cup: FIFA deducts points from Nigeria, fine NFF for fielding ineligible player in qualifier

    By Obinna Ezugwu Nigeria has come under a heavy hammer by the Federation of International Football Association (FIFA) disciplinary committee  for fielding an ineligible player, Shehu Abdullahi for the World Cup qualifier against Algeria on November 10, 2017, a statement by the committee said on Tuesday. The world football’s governing body fined Nigerian Football Federation […]

  • UPP commends PDP on successful convention, extend hand of fellowship

    By Obinna Ezugwu United Progressive Party (UPP) has congratulated the Peoples Democratic Party (PDP) on the successful conduct of its December 9 convention and tasked it to join hands with other credible opposition parties to deepen the country’s democracy This was contained in a statement signed by the founder and National Chairman of the party, […]

  • Nigeria lacks leaders with moral compass – Amb Keshi

    By Obinna Ezugwu Former Permanent Secretary, Ministry of Foreign Affairs, Ambassador Joe Keshi has decried what he called the lack of moral compass among Nigeria’s political elite, noting that poor leadership was the country’s biggest challenge. Keshi who bared his mind in a chat with BusinessHallmark in his Lagos home recently, regretted that virtually all […]

  • Non Yoruba in S/West inaugurate forum, vow to take rightful place in zone’s politics

    By Obinna Ezugwu Political and cultural leaders of various ethnic groups resident in the South West, Saturday last week at Ota, Ogun State, came together under the aegis of Non Yoruba Indigenes Empowerment Initiative, to seek ways of working together for a fair deal in the zone’s polity ahead of the 2019 general election. Various […]

  • Don’t celebrate yet, agitation for restructuring not over- Uko warns presidency

    By Obinna Ezugwu Founder, Igbo Youth Movement (IYM) and Secretary General, Eastern Consultative Assembly (ECA), Evang Elliot Uko has warned against any suggestion that the South East geopolitical zone has been “forcefully” and “violently” pacified as according to him, such is false. Evang Uko who is also the Deputy Secretary of Igbo Leaders of Thought […]

  • Nigeria’s Debt Service ratio falls to 45%

    Nigeria has made significant improvement in its debt-service-to-revenue ratio as it dropped from 66 per cent to 45 per cent. This is coming on the back of improved revenue mobilisation from both domestic and foreign sources. The government has been aggressively driving its tax reform with the introduction of Voluntary Assets and Income Declaration Scheme […]

  • Banks’ NPLs reach 10-month high in Q3

    FELIX OLOYEDE Non-Performing Loans (NPLs) in the Nigerian banking industry hit 10-month in September, latest data from the the Nigeria Deposit Insurance Corporation (NDIC) has shown. The report quoted by CNBC states that NPLs in the Nigerian banking sector reached N2.42 trillion at the end of Q3 2017, which is 10-month record high. Muyiwa Oni, […]


Visit us on Google+