Visa, WIZZIT sign MoU for innovative payment solution

KARACHI: Visa, the world leader in digital payments, signed a memorandum of understanding (MoU) with WIZZIT on January 26, 2023 to bring innovative payment solutions to Pakistan, a statement said.

According to the MoU, Visa will invest in adding new payment solutions through the WIZZIT mobile app that will provide low cost, seamless and secure payment solutions, including Tap to phone (TTP) services for merchants and SMEs across the country.

The TTP service is aimed as a solution for low-cost acceptance for merchants, especially as Pakistani consumers are increasingly indicating a preference to pay with digital payments over cash. Four out of five consumers surveyed said that they would switch stores based on the payment methods offered.

According to Visa’s 2021 small business recovery study, 79 per cent of Pakistani SMEs saw digital payments as an important investment in business recovery.

When the TTP feature is enabled merchants can quickly start accepting contactless payments as long as they have a smartphone running on the Android 7 platform or above  equipped with a near-field communications (NFC) chip and TTP application.

Customers can then tap their contactless payment card or payment-enabled smartphone against the seller’s TTP-enabled device to make a payment.

In terms of payment security, there is no difference between TTP and a traditional hardware-based point-of-sale (POS) system, with a generated dynamic cryptogram verified by Visa in a matter of seconds.

Gideon van den Broek, chief commercial officer of WIZZIT, said: “WIZZIT aims to apply the latest technology to provide seamless and secure payment solutions through ‘Tap-on-Phone’.”

“Our company is constantly striving to find partners who can further our goal of providing a seamless experience and the best solutions to users. Thus, we are pleased to partner with Visa, as Visa’s extensive network is a key differentiating factor in giving our customers the greatest flexibility,” he added.

Leila Serhan, Visa’s senior vice president and group country manager for North Africa, Levant and Pakistan, said: “Visa is committed to supporting merchants and helping small businesses thrive and meet consumers’ demands in the digital economy age. Tap to Phone is a low cost digital payment tool, that enables SMBs (small and midsize businesses) to sustain and grow their business, considering 4 out of 5 consumers say they will switch stores if digital payments options are not available, contactless payment adoption is no longer simply an option for SMBs – it’s a necessity not only for survival but also for growth.”

SMBs have traditionally been lagging in accepting digital payments for a number of reasons including cost to entry.

Visa innovations in low-cost solutions, such as TTP, are designed to support SMBs in their digital transformation goals by empowering them to provide a convenient, secure and seamless checkout experience to their customers and reduce their dependency on cash.