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Ecobank Launches mVisa Solutions

Ecobank Transnational Incorporated in partnership with Visa has launched Ecobank Scan+Pay with mVisa solutions to their customers.

Ecobank Scan+Pay with mVisa delivers 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.

According to a statement by the bank; “Ecobank mVisa solutions affords consumers the ability to use their mobile phones to directly access funds in their bank accounts to pay person-to-merchant (P2M) or person-to-person (P2P). The payment goes straight from the consumer’s bank account into the merchant’s account and provides real-time notification to both parties.”

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“This serves to accelerate digital commerce and combat some of the challenges merchants have faced using traditional point of sale systems, including the cost of installation coupled with the requirement of electricity and Internet connectivity.”

“Ecobank mVisa solutions also enable customers to send money instantly to any Visa cardholder worldwide. This is a major innovation that serves the need of Africans in the diaspora by enabling them to simply link their Visa card to the Ecobank unified mobile app to send money home to another Visa cardholder quickly and securely.”

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Mr. Ade Ayeyemi, Chief Executive Officer of Ecobank further explains; “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 while 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.”