Visa, the payment solution company has announced that it is bringing its mobile payments solution mVisa to Nigeria. The company said that it was in advanced discussions with leading Nigerian banks, and expects to roll the solution out with banking partners 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 feature phones. Payment goes straight from the consumer’s Visa account into the merchant’s account and provides real-time notification to both parties.
mVisa 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.
“We’re excited by the prospects of mVisa for Nigeria as a mobile payment solution which brings real benefits to drive digital transformation,” said Ade Ashaye, group country manager for Visa West Africa. “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.”
Robert Giles, Head of Retail Banking for Diamond Bank, said: “As a bank committed to bringing unrivalled customer experiences, we’re incredibly excited about 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. mVisa increases the opportunity to include more Nigerians into the formal financial system, which will help the economy, and society grow.