Fidelity Bank Plc says it is targeting increased earnings following its partnership with the world largest payment network, Visa, on its mVisa new payment solution.
mVisa is the first mobile payment solution that will operate through the use of the Quick Response code. Through this service, the user will only need to scan the QR code and input the PIN to complete the transaction.
The bank and Visa said the penetration of mVisa would accelerate e-commerce in Nigeria and across Africa, and further drive financial activities.
Thus, the service had introduced the use of the QR code to reduce the amount of errors injectable through the input of payment details.
They said, “Users of mVisa make payments by scanning a unique merchant QR code using their smartphones. Customers can initiate the payments from their mobile using mVisa application, instead of traditional card swipe on the electronic data machine.
“Merchants can accept these transactions by creating a QR code using application provided to them.”
The Divisional Head, e-Banking at Fidelity Bank, Ifeoma Onibuje, said mVisa promises a new dawn by unlocking greater opportunities to merchants and consumers alike simply by the use of the mobile phone.
She noted that the bank had been in synergy with Visa in the last 15 years on several payment solutions — from the card payment solutions to other several payment applications — to increase the chances of financial inclusivity in the country.