Visa to expand payment service mVisa to 10 countries
US-based payments network operator Visa has announced that it will expand its QR-based payment service mVisa to 10 countries.
Currently available in India, Kenya and Rwanda, mVisa will soon be rolled out in Egypt, Ghana, Indonesia, Kazakhstan, Nigeria, Pakistan and Vietnam.
mVisa is a mobile solution that enables merchants to immediately accept digital payments from their customers.
Visa senior vice president of digital for emerging markets Uttam Nayak said: “Small merchants using mVisa, for the first time, are most excited about how quickly and securely they receive electronic payments, without having to invest into expensive point of sale (POS) infrastructure.
“We are excited to continue to build momentum around mVisa to digitize payments with a scalable, interoperable and secure solution that benefits merchants, financial institutions and consumers.”
mVisa allows consumers to transfer funds from their account to the retailer’s account by scanning a QR code.
Visa said that it has worked with industry partners to launch BharatQR, which is claimed to be India’s first standardized QR code payment solution, in February this year.
In December last year, Visa and Mastercard have partnered to speed up the adoption of tokens in their digital wallets- Visa Checkout and Masterpass.
The reciprocal tokenization agreement allows Visa to request tokenized Mastercard payment credentials from Mastercard for provisioning into Visa Checkout.
Similarly, it enables Mastercard to request tokenized Visa credentials from Visa for provisioning into Masterpass.
The new partnership is expected to result in enhancing fraud prevention services to banks, merchants and consumers.
Separately, Visa has announced the expansion of a program designed to encourage the development of the “next big thing” in payments into Europe.
Image: Visa partners with industry to develop QR standard for safe and easy mobile payment. Photo courtesy of Business Wire.