- Visa, Ecobank Collaborate on Digital Payments
Visa, a global payments company, has partnered Ecobank to roll out mVisa, an innovative mobile payment service, in 33 African markets by year-end. The service will initially launch in the key markets of Nigeria, Ghana, Kenya and Tanzania, signaling both firms’ plan to promote mVisa across Sub-Saharan Africa.
With mVisa, consumers can pay for goods and services for everyday expenses from bill payments to groceries and taxi services, by simply scanning a QR code on a smart phone or entering a merchant identification number into their feature phones.
mVisa addresses the need for a convenient, low cost acceptance payments service throughout the continent. The informal sector contributes about 55 per cent of Sub-Saharan Africa’s GDP which is largely cash based1.
With mVisa, merchants are now able to receive electronic payments in a cost-effective way, without the need for point-of-sale terminals. They can receive payments directly into their bank accounts, within minutes of the consumer making a payment and provides real-time notification to both parties. Unlike other mobile payment services mVisa can also handle refunds and charge backs, so if a merchant needs to refund a consumer, mVisa can facilitate this.
“Visa is a globally recognised brand. We are, therefore, excited to accelerate the growth of digital payments in partnership with them. Our joint objective is to leverage mVisa to underpin a robust mobile payments ecosystem that will make financial inclusion, at an affordable and sustainable price point, a reality across our markets,” Ade Ade Ayeyemi, the Group CEO of Ecobank, said.
Consumers can also make payments to other individuals (person-to-person or P2P) and Ecobank’s branchless banking agents will be able to do cash-in-cash-out transactions across the region.