Throughout this collaboration, the two firms will continue to work on card issuance, while combining Visa’s capabilities and Chipper’s expertise in the region across the regulatory and functional areas, such as Visa licensing and marketing.
Both companies will focus on providing secure, efficient, and reliable financial solutions and services to customers and individuals living in Africa. This aims to meet the evolving needs, demands, and expectations and clients, while also driving financial inclusion in the region.
Global digital payments provider that facilitates transactions between traders, merchants, customers, businesses, financial institutions, and government entities, Visa announced multiple launches and partnerships in the last couple of months, covering different geographic areas around the world.
At the beginning of November 2023, Visa completed the Hong Kong Monetary Authority’s central bank digital currency (CBDC) pilot programme in a strategic partnership with HSBC and Hang Seng Bank. The e-HKD programme was set to involve the tokenisation of deposits, where the money that was deposited with a bank was minted on the company’s own blockchain ledger with the backing of its balance sheet.
As part of its key findings, Visa reported that the time of final settlement for an interbank transfer was near-real time. In addition, tokenisation deposits were set to be burned on the sending bank's ledger, minted in the receiving bank’s ledger and simultaneously settled interbank within the simulated wholesale CBDC layer.
Earlier in October 2023, Visa announced its collaboration with US-based BMO Financial Group in order to offer cardholders and customers who were based in Canada access to the Installments tool. The service represented a payment option enabled by Visa and it was expected to be launched in 2024. The Installments solution was developed in order to allow clients to convert qualifying purchases into smaller, equal payments in a defined period of time.
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