With this new arrangement, Paga customers have access to Visa credentials (physical and virtual cards) tied to their Paga accounts and thus the ability to transact anywhere in the world Visa is accepted. As for Visa, this will open up new alternative channels in this case, mobile wallets, within its global ecosystem.
Both companies are also working to launch a number of innovative merchant acceptance solutions which range from QR codes and NFC for in-store merchant payments, online payments, and international remittances all processed through Visa’s network.
According to Paga CEO and founder on the partnership, “We are excited to partner with Visa, a leader in payments globally, as they are constantly building world-class solutions for consumers and businesses. Our goals are well aligned. As we scale our wallet across emerging markets such as Nigeria, Mexico, and Ethiopia, partnering with Visa to give both consumers and businesses, who have been underserved, access to Visa’s global network made sense to us. Furthermore, it was clear to us in all our engagements the alignment of our goals towards solving the issues of cash, digitizing cash transactions and delivering financial services using new and innovative approaches. We are very happy to have signed a long-term relationship with Visa.”
Merchants who use Paga’s payment collection suite will also benefit from this partnership. They will be able to accept non-card based payments from customers of any bank in the world who offer Visa products. This will lead to much-improved customer experience and in the long-run, growth in sales.
Reflecting on why Visa chose to partner with Paga, Otto Williams, Visa’s Vice President, Head of Strategic Partnerships, Fintech & Ventures for Central Europe Middle East and Africa commented;
“We are excited to have Paga plug into our network, as a company we remain grounded on the principles of partnership, innovation, trust and openness. This development ushers in a new era of speed and convenience beyond borders. It also allows us to continue working towards innovating robust platforms through which merchants using Paga’s payment collection suite can benefit from international money transfers and the growing eCommerce industry. “
In January this year, Paga acquired an Ethiopian software company, Apposit as part of its strategy to enter into the Ethiopian market. This company is also leveraging the US incorporated Apposit to support its Mexico which it hopes to commence operations in the second quarter of 2020.
As part of this partnership, Paga will join Visa Fintech Fast-Track Program. The Visa fintech fast-track program makes it easier for fintechs to access the global Visa payments network. The program is part of Visa’s global strategy to open up her network and support a broad range of players that are developing new commerce experiences. The fintech fast-track program provides a new commercial framework that includes eased access to Visa’s payment capabilities and streamlined processes to support companies of different sizes and at different growth phases.
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