Visa is planning to launch a QR code based mobile payment service, mVisa, in Nigeria in conjunction with some Nigerian banks before the end of the year.
Launched in India in August 2015, mVisa enables consumers pay for goods by scanning a QR code on a smart phone or entering a merchant number into their feature phones. Funds move from the consumer’s Visa account into the merchant’s account and provides real-time notification to both parties.
Due to the service’s interoperable nature and the fact that it can work with smartphones and feature phones, mVisa will be available to over 150million Nigerians, this being in furtherance of the country’s financial inclusion policy.
According to the group country manager for Visa West Africa, Ade Ashaye, “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, says he’s excited about the prospects for mVisa. “The service enables people to engage in secure, digital commerce, and access funds more easily in their bank accounts to make everyday purchases,” he says. “mVisa increases the opportunity to include more Nigerians into the formal financial system, which will help the economy, and society grow.”
