Visa Inc (NYSE:V) has announced plans to roll out mVisa services to consumers and merchants in ten countries i.e. Ghana, Egypt, Indonesia, Nigeria, Kazakhstan, Vietnam, and Pakistan. The QR-based payment service is currently available in Kenya, India, and Rwanda. mVisa is a mobile payment platform and offers secure and easy digital solutions to consumers, merchants and financial institutions in upcoming markets. This, in turn, helps to accelerate global migration from cash to electronic modes of payment.
mVisa is crucial in overcoming merchant infrastructure-related issues as it enables customers to make purchases, remotely pay bills and send money to family members and friends from their phones. This is achieved by securely merging their credit, debit and prepaid accounts the mVisa application. This allows users to transfer money from their account to retailer’s account securing through a QR code.
Visa Inc senior vice president of digital for emerging markets says customers especially small merchants are enthusiastic about the new technology. He adds that customers are particularly happy with the speed at how they are able to send and receive cash without
mVisa payment solution that enables merchants globally to accept payments from their customers. The flexibility of the QR codes and the fact that merchants don’t require POS, has enabled Visa together with its partners to offer innovative solutions that have minimal friction for customers who want to make payment globally.
Visa has partnered with Tata Sky from India to enable Tata Sky customers to refill their accounts through a simple a QR code scan directly online at mytatasky.com or through the TV screen. Tata Sky subscribers can order and conveniently pay for any one-time or monthly payment options without physically visiting a Tata Sky store to complete the transaction.
Mahanagar Gas Limited from Mumbai issues bills with mVisa QR codes. Customers can then simply scan the code to make payments at their home comfort.
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To help in line with internationally accepted industry standards, Visa has employed Interoperability and has been the main force behind Visa’s international acceptance for over 50 years. Visa has been operating on the platform.
