Rinchi
TechInAfrica – The global payments technology company, Visa, has announced its collaboration with PalmPay to drive financial inclusion across Africa by providing access to digital payment services for their African customers.
The partnership allows PalmPay to launch a mobile wallet app in three African countries including Ghana, Nigeria, and Tanzania. Through the mobile wallet, customers will be able to up funds via online or via offline access points. Additionally, they will also be able to make and receive accept individual and merchant payments.
Visa cardholders can make payments via the mobile wallet app as well as make online and mobile payments by providing their card details to their PalmPay profile. Meanwhile, non-card holders are able to generate a virtual Visa card when register.
In addition to the features, PalmPay app also provides various financial products offered by third parties. It also has a loyalty points program for customers in order to attract more customers to use it.
Visa’s Vice President Strategic Partnership, Fintech, and Ventures, Otto Williams, said: “PalmPay will help us reach consumers and merchants not previously addressed by traditional financial services, across Africa. Around the world, there is a growing recognition that cash is a major impediment to advancing financial inclusion and Africa remains a cash-centric region. Delivering access to digital payment services on more mobile phones will be a significant step towards the continued expansion of financial inclusion on the continent.”
Commenting on the partnership with Visa, PalmPay’s CEO, Greg Reeve, said: “We are building a digital financial ecosystem that brings together the best services and offers from across each market, which will be made available to anyone with a smartphone, including the unbanked. Most existing apps are built to only carter for people who already have formal financial accounts – that is you can only send money, request for loans once you have an account to deposit or receive such loans. With our mobile wallet, third parties can plug into our platform and encourage people who are just joining the digital world, to make and receive payments.”
Besides Visa, PalmPay is planning to expand partnership with other industry players such as Ecobank Group and Global Technology Partners.
The mobile app is currently tested by some private beta customers in Ghana, Nigeria, and Tanzania. It will be launched to the public soon in the coming months.
Source: techeconomy.ng
