Chams Mobile recorded major milestone in the card/electronic payment world recently with the introduction of Virtual Visa Card for payment/settlement and consummation of transactions.
This major development was recorded as various banks and non-bank financial institutions step up efforts to ease the challenge and difficulty of effecting payment for goods and services by their customers.
The Virtual Visa Card is an online card, which affords customers to make payment for goods and services. Among other benefits, the virtual card is not linked to any bank account directly and therefore limits exposure to the value on it. It is also universally acceptable as Visa is also involved.
Chams Mobile has as its partners in Nigeria Skye Bank Plc and Visa, which power the innovation, adding that the virtual Visa card is a digital payment card for online and mobile use, both locally and internationally. The card is unique in that cardholders get a full card image, the Virtual card on their mobile device, PC, or tablet, with a plastic card offered as an option if customers prefer.
The new payment system is expected to expand financial inclusion to millions of Nigerians by offering a low-cost mobile banking solution, as the card is issued free and linked to a broad range of financial services. It also offers an online payment alternative for e-Commerce savvy individuals, small businesses and corporate companies, membership associations, and more.
Speaking at the launch of the card in Lagos recently, Gavin Young, deputy managing director, Chams Mobile, said he was excited to partner with Skye Bank and Visa on this unique and ‘First in Nigeria’ Visa Virtual Card payment solution, which was developed with the company’s international joint venture partners.
Young said e-Commerce savvy users could shop securely online by loading funds from a bank account or any other financial card. For those without a formal banking relationship, he said they would have the means to make their money work for them and move towards financial inclusion.
Young described the card as much more than a mobile or digital wallet, as it bridges the gap between traditional mobile wallets and bank accounts by offering a low cost Visa card accepted in Nigeria and abroad, and is linked to a full range of financial services.
This, he said, facilitates easy online transfers to and from bank accounts, purchasing airtime, paying bills, and much more.

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