Pan-African banking group Ecobank has signed a memorandum of understanding (MoU) with Visa to roll out the mVisa QR code-based mobile payment service in 33 African markets by the end of 2016. “This MoU will help Ecobank reach 100m customers,” the company says. mVisa was unveiled in August 2015 through a pilot with Indian banks. Ecobank also signed an MoU with Mastercard last month to launch Masterpass QR mobile payments across Africa.
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The objective is mobile, contactless, cardless, and (credit card account) numberless. There are a number of ways to achieve this including QR tags and NFC. QR tags have the advantage that they work with more mobiles.