African payment services provider Interswitch announced a partnership to adopt the mVisa service for bank customers’ mobile apps and to allow merchants to accept the payment mode.
The company will work with Visa in selected African markets across East and West Africa to develop a merchant management platform. The platform will receive original credit transactions from Visa as well as app-based merchant enrolment solutions, which enable QR code functionality.
mVisa will allow informal traders to accept electronic payments in a cost-effective way without the need for investing in point of sale terminals. Merchants will be able to receive payments directly into their bank account within minutes of a consumer making a payment. mVisa also supports established processes to handle refunds and chargebacks for consumers