In an effort to get a slice of Africa’s lucrative money transfer market; Visa has launched mVisa mobile payment solution.
Global payment giant Visa launched mVisa this month in a bold attempt to take a slice out of the mobile payment market.
mVisa provides a new way to pay & accept payment with a smartphone. The service enables customers to access all the funds they have in their bank accounts to pay merchants or individuals. Because all transactions run through Visa’s network, neither of the two parties involved in the transaction have to be a customer of a particular bank or mobile operator.
Customers simply scan a code into their smartphone and payments go straight from the designated bank account into a merchant’s account. Real-time notifications instruct both parties of payment confirmation.
mVisa is expected to add some much-needed competition and help to accelerate digital commerce across Africa. Visa has partnered with four banks, Co-Operative Bank, Family Bank, KCB, and NIC Bank as part of its initial rollout. mVisa will enable its banking partners to deliver their SME and retail customer’s a much cheaper option to transfer and receive payments.
“It is an exciting time as we work with our Kenyan partners to bring a new mobile payment solution to accelerate commerce,” said Andrew Torre, Group Country Manager for Visa in Sub-Sahara Africa.
“Kenyans already understand the benefits of mobile payments and mVisa offers them a better way to pay and be paid, with a service which is not limited by the mobile network they have or the handset they use. The service also brings the advantages of Visa’s global network – security, reliability and global acceptance – and allows consumers to make payments both domestically and internationally”, he continued.
Kenya, one of the first test markets for the mVisa service is a hotbed for mobile payments but is currently dominated by Safaricom’s M-Pesa.