Ecobank has partnered with Visa to launch Ecobank Scan+Pay with mVisa solutions to their consumers and Malawi will benefit from the initiative.
The strategic tie-up signals interoperability on a cross border level—and potentially huge gains—as it affords consumers with the ability to use their mobile phone to directly access the funds in their bank accounts to pay person-to-merchant (P2M) or person-to-person (P2P).
Ecobank Malawi media and communications officer Lumbani Misoya yesterday said the country is part of the initiative, adding that the mVisa will be launched early November.
“We will have our own launch date as we are now doing some trials. We believe this is going to take banking to another level, particularly with the electricity challenges that affect Point of Sales [PoS] and network which affects payment,” she said.
Misoya said mVisa will use a quick response code (QR) which will neither need electricity nor network.
Ecobank Scan+Pay with mVisa delivers instant, secure cashless payment for goods and services by allowing customers to scan a QR code on a smart phone or enter a unique merchant identifying code into either a feature phone or smart phone. “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,” said Ecobank chief executive officer Ade Ayeyemi.—Apo Group