The Regional Head of digital payment platform Visa, Jabu Basopo has stated that digital technology has potential to grow financial inclusion in Zambia and ensure easy access for financial services.
The Visa Southern Africa General Manager stated that digital payments driven by mobile phones has an advantage of driving the penetration of electronic system adding that it will be a game changer in a country like Zambia as many people will be able make transactions through mobile phones making it easier to access financial services.
Basopo who visited Zambia this week to meet with banks, other financial institutions and regulators to discuss how the company could contribute to increasing digital payment acceptance told the Zambian Business Times – ZBT in an exclusive interview that Visa’s vision is for 90% of payments to be transacted digitally in Zambia compared to the current level of around 10%.
He said Visa’s objective with other players in the system is to digitize cash, an opportunity which he said will increase speed and simplicity in cash transactions. He added that reducing the number of cash transactions will improve security and efficiency and that in archiving this, more merchants need to accept digital payment methods as an alternative to cash.
“Speed and Simplicity, that’s what consumer are looking for because people do not want to be in long queues to make payments or access cash, hence consumers need to have trust and confidence in the system because visa is introducing a range of new services across the continent to facilitate digital payments, including contact less QR (Quick Response) technology that enables consumers to pay for goods and services automatically by scanning a merchant barcode with their mobile phones,” he said.
Meanwhile, Basopo disclosed that the company is also working with Zambian banks to ensure that this kind of technology is accessed everywhere in the country and that it has already started talks with the Central Bank on the initiative.
When asked by ZBT on the impact of Zambia launching its own local switch on Visa operations, Basopo said Zambian’s local switch for ATM from International to local transactions will not impact visa as it is working in collaboration with other digital systems to deliver the same objective of digitization cash and it will ensure that the infrastructure delivered to customers has international standards in terms of compliance and security.
“In terms of security we have an intelligent system which will be detecting frauds because we understand that eco-system has some attempts of fraudulent activities so we have a strong team which focuses on cyber-crime and we have policies and rules in place which will make sure that we are proactive,” he said.
Visa QR is an innovative way to make payments with your mobile phone. There is no need to carry cash everywhere you go. Just select Visa QR on your mobile baking app and scan the merchant’s QR code to make payments.
