Mon, 28 Aug 2017 09:42:18 +0000
By Buumba Chimbulu
VISA, a leader in global payments, is set to launch a mobile-based application in Zambia during the second quarter of 2018 which facilitates expenses by scanning the Quick Response (QR) code displayed on the Smartphone.
The application called M-VISA is a form of a bar code that has the customers’ information such as the name and account number required for payments.
Visa general manager for Southern Africa, Jabu Basopo, said the institution had made headways with stakeholders in Zambia, mainly commercial banks, for the introduction of the application. He was speaking in Lusaka at the 4th Mobile Money and Payment Expo.
“Looking at the discussions that we have done with all stakeholders, of course the main drivers are the banks who needs to be ready from a technical perspective and looking at the work that has been done, we are hoping that second quarter of next year, we should be seeing some life transaction from M-VISA,” Mr Basopo said.
And Visa president for Sub-Saharan African, Andrew Torre, said digital payment trends worldwide had moved to a model of instant sign-up and on boarding of Small and Medium Enterprise (SME) merchants.
Mr. Torre said front-end innovation was facilitating the gradual decline in the use of traditional banking channels and migration into other payment options-primarily mobile payments.
“This year’s summit is meant to offer stakeholders an open forum to better appreciate digital finance and innovation in Zambia as well as in different economies across the region,” he said. Meanwhile, Bank of Zambia assistant director (payment system), Mirriam Kamuhuza, said the country as at June 2017 had 17, 000 active mobile payments agents.
Ms Kamuhuza said much as the number was impressive, there was still room for improvement owing to the potential Zambia had.
