Visa has partnered with MFS Africa to take its digital payments to more African countries. Through this deal, MFS will distribute Visa digital payment services connected via an API to over 180 million mobile wallets to more than 15 markets.
With this partnership, mobile money users connected to MFS Africa can generate instant Visa virtual cards. The cards have a 16-digit number and are linked to their mobile money accounts for remittances and e-commerce. Overall, the partnership will bridge the gap between mobile money and digital payment services in Africa.
Also, MFS Africa will integrate Visa Direct, Visa’s real-time push payment into its platform. The solution will help mobile money users directly send and receive money from their mobile money wallets using the cards.
The World Bank forecasts that remittances to sub-Saharan Africa are set to increase by over 5.6% year-on-year, amounting to $51 billion by 2020. This partnership leverages the statistics to create an effective digital pathway for mobile money users in Africa.
A mobile-led digital payment ecosystem will accelerate the distribution of payment credentials and the adoption of digitized payment services.
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