Visa And Interswitch: Accelerating Mobile Payment

Visa and Interswitch, a leading integrated payments and transaction solutions company in Africa, have announces a partnership. The partnership will see Interswitch upgrade the digital banking applications of leading banks to include mVisa, as well as enable more merchants to accept mVisa payments. This will help to accelerate mobile payments adoption across the region. mVisa is an innovative mobile payments solution from Visa that enables consumers to pay for goods from any type of phone. Payment goes directly from the consumer’s account into the merchant’s account and provides real-time notification to both parties.

Interswitch is the largest Visa third party processor in Africa. It will work closely with Visa in selected African markets to develop a Merchant Management Platform to receive Original Credit Transactions (OCT) from Visa as well as app-based merchant enrolment solutions. The mVisa solution will allow informal traders to accept electronic payments without the need for investing in point of sale terminals. Unlike other mobile payment solutions, mVisa supports well-established processes to handle refunds and charge-backs for consumers.