The service will initially launch in the key markets of Nigeria, Ghana, Kenya and Tanzania, signaling both firms’ plan to promote mVisa across Sub-Saharan Africa.
With mVisa, consumers can pay for goods and services for everyday expenses from bill payments to groceries and taxi services, by simply scanning a QR code on a smart phone or entering a merchant identification number into their feature phones.
With mVisa, merchants are now able to receive electronic payments in a cost-effective way, without the need for point-of-sale terminals. They can receive payments directly into their bank accounts, within minutes of the consumer making a payment and provides real-time notification to both parties. Unlike other mobile payment services mVisa can also handle refunds and charge backs, so if a merchant needs to refund a consumer, mVisa can facilitate this.
Consumers can also make payments to other individuals (person-to-person or P2P) and Ecobank’s branchless banking agents will be able to do cash-in-cash-out transactions across the region.
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