Financial Inclusion Benefits mVisa will be available for both smartphone users and consumers using basic feature phones, with the potential to provide a mobile payment service to nearly all 150 million1 active mobiles phones in Nigeria. Consumers can also use mVisa agents for domestic remittances as well as to access their cash if there is no ATM network. These features accelerate financial inclusion, a core objective of both the Nigerian government and Visa. This is also in line with Visa’s 2015 commitment to the World Bank to bring the benefits of Visa and electronic payments to 500 million more people globally by the end of 2020. Merchant, Software Developer Support Merchants also benefit from mVisa. Recent data2 suggests that the informal economy, which refers to economic activity that is often cash-based and goes unreported, represents up to 60 percent of Nigeria’s economy. Visa’s research indicates that most consumers, even those who are more affluent, do much of their daily shopping at informal traders and open markets. mVisa allows informal traders to accept electronic payments in a cost-effective way, without the need for point of sale terminals. Merchants are able to receive payments directly into their bank account within minutes of a consumer making a payment. Unlike other mobile payment solutions, mVisa supports the well-established process to handle refunds and chargebacks for consumers. mVisa is available with software developer kits (SDKs) and access to Visa APIs, allowing banks and programmers to build additional solutions to help address local payment needs. Click here for further information.]]>
