Visa has launched Visa Pay, a mobile payment solution in the Democratic Republic of the Congo (DRC). The solution is designed to provide access to digital payments and facilitate account-to-account money movement for both banked and unbanked consumers.
Visa Pay offers an interoperable and secure method for users to pay, receive payments and transfer money across participating banks and mobile networks. The mobile-first solution supports transactions in two currencies, Congolese Francs (CDF) and USD, offering near real-time money movement.
Additional features include cash in/cash out capabilities at bank branches and online payment functionality through virtual cards.
Partnerships and implementation model
The platform is launching in partnership with eight financial institutions in the DRC: Access Banque, BGFI, Equity Bank, FBN, Sofibanque, Solidaire Banque, TMB, and UBA. Initially, the solution will be available through five of these banks, with the remaining institutions launching soon.
For deployment, Visa Pay is offered both as a standalone mobile application on the Apple App Store and Google Play Store, as well as as a flexible integration option for banks. This enables financial institutions to embed Visa Pay features directly into their own mobile apps.
Sophie Kafuti, general manager for Visa DRC, commented on the launch: “We are excited to launch Visa Pay, an interoperable solution to scale digital payments in the country. 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.”
Kafuti also added: “Through Visa Pay, we aim to stimulate economic growth and to help establish the DRC as a regional leader in financial technology.”
Visa’s objective for launching the solution in the DRC is to promote financial inclusion as well as support economic growth by expanding access to digital payment tools for individuals and businesses.