Visa, a global payment technology company, is before the end of this week set to launch a mobile application (app) which allows free of charge and cross border transactions.
The app,‘Visa on mobile’, is a global payment system which enables consumers to access their funds directly from their bank accounts through a mobile banking app to pay merchants, send money to individuals, and deposit or withdraw cash at any Visa agent.
The funds move directly from the consumer’s bank account into the merchant’s account and provide notification to both parties. Merchants will receive unique QR code with a Till Number (TN) that customers can scan using smart phone or key enter using a feature phone respectively to make the payments.
Fifteen banks in Tanzania are expected to roll out the service, and they include Access Bank Tanzania Limited, Akiba Commercial Bank, Azania Bank Limited, Barclays Bank, CRDB Bank, EFC Tanzania Bank, Exim Bank, MUCOBA Bank, Mwalimu Commercial Bank, National Bank of Commerce (NBC), National Microfinance Bank (NMB), The People`s Bank of Zanzibar (PBZ), TIB Corporate Bank Limited, TPB Bank Plc and UBL Bank. NMB, CRDB and Exim Bank are expected to have the service enabled on their banking apps immediately for use by the consumers and merchants while the other 12 banks will be implementing the service in the coming weeks.
Both consumers and merchants don’t need to be customers of the same bank or mobile operator because the transaction runs through the Visa network, thus making the service a secure and versatile mobile payment system.
Tanzania is the fourth country to launch the app after Kenya, Ghana and Rwanda.