Global digital payments facilitator, Visa, has launched a mobile payment platform for account-to-account payments in the Democratic Republic of Congo (DRC). The mobile solution, Visa Pay, will allow users to pay and receive money seamlessly across the participating financial institutions.
Visa Innovates With Visa Pay
Visa Pay is a new mobile-based interoperable payments solution in DRC. It will allow individuals and businesses to send, receive, and move money across the participating banks and mobile networks in real-time. Additionally, payments will be possible in Congolese Franc (CDF) and USD.
The Visa Pay app is available on Play Store and Apple’s App Store. Banks have the option to integrate Visa Pay’s features into their own mobile apps. The app also offers easy enrollment, advanced risk and fraud prevention capabilities.
So far, five banks have signed up for the pilot rollout phase. They are Access Banque, FBN, Sofibanque, Solidaire Banque, and UBA. BGFI, Equity Bank, and TMB will also join soon, bringing the total number of participating financial institutions to eight.
Speaking about the launch, Sophie Kafuti, General Manager for Visa DRC, said,
“The launch is part of our commitment to driving innovative solutions as a catalyst for greater financial inclusion, helping to provide broader access to the digital economy. Through Visa Pay, we aim to stimulate economic growth and to help establish the DRC as a regional leader in financial technology.”
Why This Matters
DR Congo’s 28 million mobile internet users means a huge market exists for Visa Pay’s services. And with the rollout spread among eight banks, most of these people can be onboarded to the platform.
Most importantly, the transaction speed and coverage Visa Pay promises will make transactions easier and more efficient. It will also boost commerce. Additionally, citizens who live far from physical banks will find Visa Pay necessary for daily transactions.
Also Read: Mastercard and Circle Unite To Expand Stablecoin Digital Settlement To EEMEA
