Everyone wants to be a big player in Africa’s payment ecosystem. The consensus is that the market is still for anyone to win. It is fledgling and it is very exciting.
Global payments technology company Visa has signed a commercial partnership with Atlas Mara Limited the sub-Saharan Africa financial services group, as part of a wider strategic partnership to introduce a dynamic suite of payment solutions and expand access to electronic payments within the Sub-Saharan Africa region.
Through this partnership, Atlas Mara’s banks will be able to leverage already existing Visa payment platforms, such as mVisa and Visa Direct, to provide their customers new ways of transacting that are convenient, and secure.
In 2016, Visa launched mVisa, a new mobile payment service that brings, for the first time in Africa, an interoperable, versatile and secure mobile payment solution, powered by Visa and its partner financial institutions. With mVisa, consumers can directly access their funds in their bank accounts to pay merchants (person-to-merchant or P2M) or individuals (person-to-person or P2P).
Because the transaction runs through the Visa network, VisaNet, the consumers and merchants do not need to be customers of the same bank or mobile operator.
Flutterwave and Paystack will have to compete against many companies in coming months as this sector heats up in the continent.