After its successful launch in India early this year, Visa will be extending mVisa payment service in Nigeria and is in “advanced discussions” with leading banks there to launch the facility before the end of 2016.
mVisa, which was unveiled worldwide by the credit card giant a year ago, enables consumers to pay for goods by scanning a QR code on a smartphone or entering a merchant number into their feature phones.
Consumers need to have Visa accounts, from which their payment is transferred to the account of the merchant, a media report said.
Services that enable consumers in emerging markets to make payments at merchants’ point of sale are unusual. Such services are more commonly found in wealthier markets with higher penetration of debit and credit cards. Visa is targeting this discrepancy as an opportunity.
“Because mVisa allows merchants to accept Visa payments without having to invest in costly POS hardware, it gives consumers a reliable, secure and convenient mobile payment option,” said Ade Ashaye, group country manager for Visa West Africa.
Previously, mVisa was launched in India by a number of banks, including SBI and ICICI Bank. ICICI bank has incorporated the payment service into its Pockets app, and ensured retailers in the launch market of Bangalore supported it. HDFC Bank and Axis Bank are also planning to integrate mVisa soon.