The partnership, according to a statement BusinessDay received, signals interoperability on a cross border level – and potentially huge gains – as it affords consumers with the ability to use their mobile phone to directly access the funds in their bank accounts to pay person-to-merchant (P2M) or person-to-person (P2P).
Users of the new product will experience instant, secure cashless payment for goods and services by allowing customers to scan a QR code on a smartphone or enter a unique merchant identifying code into either a feature phone or smartphone.
“Bringing this added functionality on our Ecobank mobile app connects families in Africa by delivering needed funds instantly anywhere, anytime. That is real value to our customers,” said Patrick Akinwuntan, Ecobank Group Executive Consumer Banking.
Akinwuntan also noted that the Ecobank mVisa solutions’ rollout significantly strengthens the banks person-to-person payments capabilities.
With the solution, customer of the bank will be able to send money instantly to any Visa cardholder worldwide. Africans in diaspora can also link their Visa card to the Ecobank unified mobile app to send money home to another Visa cardholder quickly and securely.
“We are fulfilling our commitment to give every African the right to participate effectively in the global economy at an affordable price and in a convenient manner. Ecobank Scan+Pay with mVisa helps merchants – particularly small and micro merchants – to grow their sales without the risks of carrying cash whilst also giving consumers the ability to pay for goods and services in a cashless manner from their phones.
“Consumers can also conduct person-to-person payments and instantly transfer money to their friends and family via their phones at very low cost,” said Ade Ayeyemi, chief executive officer of Ecobank.
“We are glad to partner with Ecobank to bring mVisa into the market, a mobile payment solution with real benefits to drive digital transformation backed by advantages of Visa’s global network – security, reliability and global acceptance, allowing consumers to make payments both domestically and internationally,” said Andrew Torre, President for Visa sub-Saharan Africa.