Banking Briefs, BREAKING NEWS
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SKYE Bank Plc and Chams Mobile Limited, a licensed mobile money operator, have introduced the virtual Visa card in Nigeria. The new payment system is expected to expand financial inclusion to millions of Nigerians by offering a low cost mobile banking solution, as the card is issued free and linked to a broad range of financial services.
It also offers an online payment alternative for e-Commerce savvy individuals, small businesses and corporate companies, membership associations, and more. The new Visa virtual card is available under the Kegow brand. Kegow is the program and card brand of Chams Mobile Limited.
Gavin Young, deputy managing director, Chams Mobile, said at a meeting in Lagos, that his firm was excited to partner with Skye Bank and Visa on the payment solution, which was developed with the company’s international joint venture partners Bancore AS (as the mobile financial services processor) and Global Technology Partners (as the Visa prepaid card processor).
He said, “It’s unique in that customers actually see an image of their card on their mobile phones, tablets and PCs, whereby all the essential features of a physical card are shown in its ‘Virtual form’; card number, expiry date and CVV number, for example. This, for many customers, negates the need for a physical plastic card, although we offer plastic cards as an option for customers requiring such.
“It’s also a very diverse product with a number of applications across various business and consumer segments. These include: co-branded cards for eCommerce companies, gift cards (as money can be credited to a recipient’s mobile phone), a naira card for Nigerians in Diaspora as it can be issued online, a company allowances card and, as a payment card for retail distribution as it’s supported with a unique invoicing service.”
On his part, Akinwale Ojo, head, e-channels, Skye Bank Plc, said: “The bank chose to work with Chams Mobile, and its card processing partner GTP, based on careful consideration of the benefits all parties could bring to the table and in consideration of how the bank could best serve the millions of Nigerians with this product, and particularly those who may be financially excluded, requiring a low cost yet fully inclusive financial services offering.”
Also, Ade Ashaye, country manager, Visa in West Africa, said: “Our strategy of bringing world class innovation to Africa continues to make shopping online and via traditional channels much more convenient. Visa’s Virtual Card will make a real change to the lives of Nigerians by helping them to safely access the digital economy and participate in ecommerce.”
The virtual Visa card is an entirely digital payment card for online and mobile use, both locally and internationally. The card is unique in that cardholders get a full card image (the Virtual card) on their mobile device, personal computer, PC, or tablet, with a plastic card offered as an option if customers prefer.
— Sep 14, 2015 @ 01:00 GMT
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