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“At Visa we believe that there is a place for digital wallets, for cards, and for all sorts of payment methods such as Contactless, eCommerce, Tap-to-Phone or QR payments. Although you may not have a physical card in future, it may well be that you have a virtual card inside your digital wallet, this is the result of Visa’s committed collaboration with Wallet partners. The future of payments will not be a one size fits all model, rather we believe that Visa’s payments network will have something to offer consumers, merchants, banks and wallet partners. What is important is that all payments on the Visa network are fast, secure, transparent and affordable, for all parties”
– OTTO WILLIAMS: SENIOR VICE PRESIDENT, HEAD OF PRODUCT AND SOLUTIONS CENTRAL AND EASTERN EUROPE MIDDLE EAST AND AFRICA, VISA
“Definitely Frenemies – The card is a crucial engagement piece for any successful wallet. The card brings recurring action to a wallet, and enables all wallets be instantly connected to globally accepted interoperable networks. Wallets without a card component are isolated islands and have more limited use in our growing digitally connected world. Both help each other grow and inspire use. Wallets can be even more creative with how to dispense various card rewards over time.”
– MAIJID MOUJALED: CO-FOUNDER, PRESIDENT AT CHIPPER CASH
“At MFS Africa we strongly believe the card ecosystem will remain important for the foreseeable future, also in existence with Mobile Wallets, so FRENEMIES to answer your question, possibly even BFFs. We see the Mobile Wallet playing an equal role as store of value as the role of bank accounts in developed markets, where bank users need cards to participate in the merchant ecosystem, henceforth wallet users have the same needs while simply using a different source of funds.
There is a clear opportunity for someone like MFS Africa and GTP to act as a last mile link the between the card- and wallet-worlds to provide tangible value-add to end users across Africa. In that spirit, in Uganda the two companies are piloting a prepaid card proposition wherein MFS Africa, powered in part by GTP, will empower third party brands looking to offer cost-effective card programs by simply integrating with our single set of APIs. MFS Africa and GTP will be expanding this collaboration to other markets including Ghana and Kenya.”
– FILIP NILSSON: DIRECTOR OF CORPORATE DEVELOPMENT AT MFS AFRICA
“There is an increasing convergence of Telco mobile money operators and card schemes. E-commerce growth and digital payment are driving card payment platforms to onboard mobile wallets. Both Visa and MasterCard are betting very heavily on Africa for growth and are courting the telcos.What is influencing Visa and MasterCard investments and strategic partnership? Mobile money operation includes mobile wallet deposit and withdrawals, merchant and commercial payments, benefits transfers, loans and savings, virtual card and international money transfers. Mobile money transfer operates on a peer-to-peer basis, unlike Visa or MasterCard whose network connects banks.”
– IFUNANYA CHIEGBOKA: DIRECTOR BUSINESS DEVELOPMENT AT OPAY
“Financial inclusion in Sub-Saharan Africa is still a challenge, so for now all players of the industry must join forces to resolve this issue. The real enemy is cash, our goal is a cashless society. We started our journey toward financial inclusion for all with prepaid cards. Based on our experience, evolution of NFC technology as well as QR codes, we quickly understood the need to adapt by pairing our cards with a super app we developed called APAYM.We use mobile wallets as an alternative to cash in order to load cards. We also seize the opportunity to transfer funds toward mobile wallets resolving their open loop challenge. Our clients’ consumption trends revealed that users are starting to move toward our virtual cards as more transactions are done online. In the challenge between wallet and cards, the winner will naturally emerge as the one who provides the best customer experience, security and is accepted by most merchants.”
– JIL-ALEXANDRE N’DIA: FOUNDER, WEBLOGY
“This digital wallet vs card discussion is not a debate for us at Paga. We view them as complementary, especially in Nigeria where our customers are very comfortable using cards online and offline. Of course, as a mobile money business we promote wallet adoption across all channels. We then give wallet-holders the option to get physical or virtual cards linked to their wallets, thus giving them more options. So, we are investing heavily in both and providing a seamless experience for customers no matter how they prefer to access and use their money. Convenience for the customer is the most important thing.”
– JAY ALABRABA: CO-FOUNDER & DIRECTOR OF BUSINESS DEVELOPMENT AT PAGATECH