TechPression

Tag: Visa

  • Goldman Sachs exit triggers battle for Apple Card partnership between Visa, Mastercard, and Amex

    Goldman Sachs exit triggers battle for Apple Card partnership between Visa, Mastercard, and Amex

    Visa has made a bold move by offering Apple approximately $100 million to take over the tech giant’s credit card partnership from Mastercard, according to a report on Tuesday.  This offer comes as Goldman Sachs, the current issuer of the Apple Card, plans to exit the consumer lending market, creating an opportunity for new partnerships.

    The battle for the Apple card partnership

    The Apple Card launched in 2019 with Mastercard as the payment processor and Goldman Sachs as the issuer, and it has become a coveted financial partnership.

    Visa’s offer is part of an intense rivalry among payment networks, with American Express also vying to unseat Mastercard. American Express is looking to become both the issuer and network for the Apple Card, a move that would further integrate it into Apple’s financial services ecosystem.

    As Visa’s offer highlights, the competition is fierce, with the payment network giant making a bold push to secure the partnership. “The network that locks in this deal is expecting to stay close to Apple’s future payments efforts,” as seen in a media report.

    Mastercard, however, is not giving up without a fight and is exploring ways to maintain its relationship with Apple, potentially using its fintech subsidiary Finicity to enhance consumer banking experiences within the Apple ecosystem.

    The impact of Goldman Sachs’ exit

    Goldman Sachs’ decision to exit consumer lending has opened the door for several financial institutions to compete for the role of issuer. JPMorgan Chase, Synchrony Financial, and Barclays are among those interested in partnering with Apple.

    The Apple Card program holds approximately $20 billion in balances, making it one of the largest co-branded credit card deals set to change issuers. Visa’s offer of $100 million underscores the strategic importance of securing this partnership, as it would position the winning network at the heart of Apple’s financial services portfolio.

    Visa declined to comment on the reports, maintaining a strategic silence as the negotiations unfold. The outcome of this competition will be closely watched as it reflects the evolving dynamics between tech giants and financial institutions in the digital payments sector.

    Edited.

  • Visa to build data centre in Nigeria, strengthening digital economy

    Visa to build data centre in Nigeria, strengthening digital economy

    Visa Inc., a global leader in payment services, has announced its commitment to long-term investment in Nigeria with plans to establish a data centre infrastructure in the country.

    This announcement was made at the Presidential Villa in Abuja during a meeting between Vice President Kashim Shettima and Andrew Torre, Visa’s Regional President for Central and Eastern Europe, the Middle East, and Africa. Shettima subsequently confirmed the news on his X account.

    Read also: First Bank named Best Private Bank in Nigeria and Africa for third consecutive year

    Visa’s footprint in Nigeria 

    The establishment of a data centre in Nigeria by Visa is consistent with its overarching plan to expand its footprint in the nation.

    Visa has invested more than $1 billion in Nigeria, promoting digital payment systems and financial innovation.

    Notable partnerships include collaborations with Nigerian tech companies such as Moniepoint, aimed at enhancing digital payment infrastructure for individuals and businesses; a $200 million investment with Interswitch to boost digital transaction capabilities and strengthen Nigeria’s financial sector; and a partnership with ThriveAgric to support smallholder farmers in increasing food security and agricultural productivity.

    Visa’s regional president Torre highlighted the company’s commitment to advancing Nigeria’s digital economy, noting that the new data center will incorporate cutting-edge technologies to improve transaction efficiency and drive financial inclusion.

    Read also: Gamr Lab opens Nigeria’s first video game and esports hub at UNILAG

    Nigeria’s Vice President applauds Visa’s investment 

    Vice President Kashim Shettima praised Visa’s investment and pointed out that it could hasten economic transformation.

    He underlined the value of technology in modernising vital industries like agriculture and gave the company the assurance that the Nigerian government will support them.

    “Nigeria is at the heart of fintech innovation in Africa, with eight out of the top ten fintech firms on the continent operating here. Moniepoint’s emergence is a testament to our thriving digital ecosystem. At the same time, we are deeply committed to advancing agriculture through technology, in line with President Bola Ahmed Tinubu’s 8-point agenda,” Shettima stated.

    It is expected that Visa’s new data centre will improve digital transactions, financial security, and economic growth, establishing Nigeria as a key hub for fintech innovations in Africa.

  • ABK-Egypt partners with Visa to improve digital payment solutions

    ABK-Egypt partners with Visa to improve digital payment solutions

    On Wednesday, Al Ahli Bank of Kuwait – Egypt (ABK-Egypt) announced the signing of a long-term strategic partnership agreement with Visa, a global leader in digital solutions and payment technology.

    The partnership aims to provide the newest digital payment technologies to satisfy customer demands, launch cutting-edge products and services for various market segments, and improve its digital payment solutions with cutting-edge and competitive features and benefits.

    Read also: Mali digitises payment and land management systems

    Introduction of new products and services 

    In keeping with Egypt’s plan to fully embrace digital transformation and advance electronic payment systems, this partnership entails the introduction of a number of new products and services that cater to the varied demands of different client segments.

    By means of this strategic collaboration, the Bank aims to advance its expansion strategy and implement cutting-edge solutions that offer clients a smooth and secure banking experience.

    Partnership aligns with Egypt’s goal of becoming a cashless society 

    ABK-Egypt is dedicated to Egypt’s goal of becoming a cashless society and its financial inclusion plan. Therefore, in order to improve customer experience and strengthen its position in the fiercely competitive and dynamic Egyptian market, the Bank implements a digital transformation strategy that centres on optimising banking operations.

    “We take pride in this cooperation and look forward to capturing a substantial market share through increasing transaction volumes and attracting new customer segments,” said Mr. Khaled Barakat, Deputy CEO ABK-Egypt leading Consumer Banking, in response to this alliance.

    He also underlined ABK-Egypt’s unrelenting efforts to broaden its retail portfolio by improving service quality and introducing new products and services that offer competitive advantages and are in line with the newest technological advancements and the evolving demands of diverse clientele.

    Read also: Bank of Ghana approves BrijX pilot for direct cedi-naira currency swaps

    Visa’s commitment to advance digital transformation in Egypt 

    In the same vein, Visa’s Vice President and Country Manager in Egypt, Malak Al-Baba, stated, “We at Visa are committed to providing the latest digital payment innovations to enhance consumer’s experience in Egypt. This agreement with Al Ahli Bank of Kuwait – Egypt represents a significant step towards achieving this goal, and we look forward to contributing to advancing digital transformation in the country.”

    He continued, “We believe that supporting our partners in achieving their ambitions is part of our mission. Through this strategic cooperation, we are proud to be part of Al Ahli Bank of Kuwait – Egypt’s vision to develop innovative banking solutions, enrich customers’ lives, and provide a seamless and secure banking experience.”

    It is important to note that the Bank’s position in the digital payments industry has strengthened significantly with the signing of this agreement with Visa. By drawing in new clientele and enticing more people to use banking services, this partnership enables ABK-Egypt to grow its clientele. It focusses especially on young people, who are becoming more and more reliant on technology in their daily lives and significantly boosting the Egyptian economy.

  • Hong Kong attracts tech talents from Nigeria, other countries with new visa scheme

    Hong Kong attracts tech talents from Nigeria, other countries with new visa scheme

    With the goal of expediting the admission of foreign specialists in critical technical domains, Hong Kong has introduced the 2025 edition of the Technology Talent Admission Scheme (TechTAS).

    By providing a streamlined visa application process for professionals in high-tech fields like biotechnology, robotics, finance, cybersecurity, and artificial intelligence, this program aims to solidify Hong Kong’s standing as a global centre for technology.

    TechTAS offers qualified businesses in the Hong Kong Special Administrative Region (HKSAR) an effective approach to hire non-local technology expertise for R&D positions.

    Read also: Malawi launches programs to equip girls with digital literacy, STEM skills

    New visa scheme to reduce bureaucratic delays 

    Because of the program’s huge reduction in bureaucratic delays, tech companies can quickly hire qualified workers.

    Employers can speed up international recruitment, thanks to this scheme’s two-week processing time for visa applications.

    Professionals from highly regarded universities with a focus on science, technology, engineering, and mathematics (STEM) are the target audience for the program. But it also takes into account outstanding applicants who have made noteworthy contributions to the sector or who possess excellent technical abilities.

    Eligibility criteria 

    In order to be eligible, candidates must have a full-time job offer in Hong Kong and work mostly in research and development (R&D) in a variety of cutting-edge technical fields, such as material science, green technology, and quantum computing.

    With a valuation of over $100 billion, Hong Kong’s IT sector is still growing and presents several chances for investment and innovation.

    The city’s standing as Asia’s Silicon Valley is being strengthened by its close proximity to significant Chinese IT companies like Tencent, Alibaba, and Huawei.

    Read also: Morocco to equip kids with AI, digital skills

    Securing a job with a technology business based in Hong Kong that has an authorised quota under the program is the first step in the application procedure.

    The visa application is subsequently sponsored by the employer, who requests supporting papers such as evidence of work experience, academic credentials, and pertinent professional accomplishments.

    After being accepted, candidates and their dependant children under the age of eighteen, as well as their spouses, may move to Hong Kong to start working.

  • Smartphones to function like PoS as Access Bank, Visa unveil new payment system

    Smartphones to function like PoS as Access Bank, Visa unveil new payment system

    On March 8, 2025, Access Bank, in collaboration with Visa, launched the “Tap to Phone” payment solution in Nigeria.

    This innovative technology eliminates the necessity for conventional point-of-sale (PoS) terminals by enabling merchants to accept contactless payments directly on their NFC-enabled Android smartphones.

    Read also: Nigerian government replaces Remita with new revenue platform

    How Tap to Phone works

    The Tap to Phone solution transforms an Android smartphone into a payment terminal, enabling merchants to receive Visa payments by simply tapping a card on their phone.

    This process is facilitated by downloading an app onto the smartphone, making it easy for businesses to start accepting payments without additional hardware.

    Access Bank notes that this move aligns with the growing adoption of contactless payment solutions across Africa, where similar systems have been introduced in countries like Kenya and South Africa.

    In Kenya, Interswitch partnered with Tuma to launch a similar system in September 2024, while in Nigeria, Moniepoint and PalmPay have partnered with AfriGO to roll out five million contactless payment cards.

    In South Africa, Visa’s partnership with iKhokha facilitated businesses’ acceptance of card payments through mobile devices, thereby improving sales and transaction history monitoring.

    Read also: Citi, Visa, Cellulant launch payment tool for Kenyan SMEs

    Impact on Nigeria’s payment ecosystem

    To encourage the adoption of a cashless economy, the Central Bank of Nigeria (CBN) has implemented guidelines and increased the transaction limits for contactless payments.

    Access Bank’s Tap to Phone initiative supports this goal by reducing cash dependency and enhancing financial inclusion. The success of this solution will largely depend on the rate of smartphone adoption among merchants, with estimates suggesting between 25 million and 40 million smartphone users in Nigeria as of 2023.

    Access Bank has been at the forefront of contactless payment innovation for nearly a decade, launching PayWithCapture and partnering with Unified Payments for PayAttitude in 2015.

    While challenges such as regulatory gaps and trust issues may arise, the increasing adoption of contactless solutions indicates a promising shift towards digital transactions in Nigeria.

    As more merchants adopt Tap to Phone, transactions are expected to become more seamless and accessible, contributing to a more efficient payment ecosystem.

  • Visa and MDP partner to accelerate fintech growth in Egypt

    Visa and MDP partner to accelerate fintech growth in Egypt

    Visa and MDP announced their strategic partnership on Tuesday to enhance the fintech sector in Egypt. This collaboration aims to empower fintech companies and non-bank financial institutions (NBFIs) by providing the necessary tools, security, and scalability to thrive in the digital payments ecosystem.

    Empowering fintech growth

    The partnership combines MDP’s comprehensive payment processing and issuing capabilities with Visa’s extensive global network. MDP has a proven track record of supporting over 40 fintechs in the region, while Visa brings its unparalleled resources and network to connect issuers with fintechs, promoting a seamless financial ecosystem.

    Ahmed Nafie, CEO of MDP, noted, “As we looked towards the future back in 2020, we recognised the increasing demand for our digital payment solutions from fintechs. Since then, MDP has successfully enabled and empowered over 40 fintechs in the region, demonstrating our expertise in delivering comprehensive payment solutions. This partnership with Visa represents a significant milestone in our journey, allowing us to further enhance our payment-enabling solutions to better serve the fintech industry”.

    Malak El Baba, Vice President and Egypt Country Manager for Visa, emphasised, “As a leader in digital payments, we are committed to empowering fintechs in Egypt to realise their full potential and promote financial inclusion. Fintechs are at the forefront of innovation within the payments ecosystem, and our partnership with MDP is designed to expand the sector by enabling these companies to effortlessly launch their payment products, thereby providing enhanced payment services in a shorter timeframe”.

    Enhancing financial inclusion

    This collaboration underscores the importance of financial inclusion in Egypt’s evolving fintech sector. By leveraging their combined strengths, Visa and MDP aim to create a robust financial ecosystem that fosters innovation and growth, benefiting consumers, businesses, and the broader economy. 

    Financial inclusion in Egypt has grown substantially, with the number of financially included citizens increasing by 181 per cent between 2016 and June 2024. This partnership will equip fintech firms with essential tools to excel in digital payments.

  • U.S. excludes UK, African countries, from 2025 visa-free entry list (See full list)

    U.S. excludes UK, African countries, from 2025 visa-free entry list (See full list)

    On Monday, the United States announced the list of nations eligible for its 2025 Visa Waiver Program (VWP).

    The United Kingdom was excluded from the 2025 list but remains eligible under certain conditions. Additionally, no African nations, including Nigeria, Ghana, and South Africa, were included.

    The addition of Romania represents a major upgrade, even though the majority of the VWP list was not altered.

    Along with strengthening security inspections, the U.S has prioritised nations with high border security standards and diplomatic ties.

    Read also: U.S. Embassy removes drop box option for Nigerian visa renewal applicants

    Visa Waiver Program – only for 90 days 

    The majority of citizens or nationals of listed countries are permitted to enter the United States for up to 90 days for business or tourism without a visa under the Visa Waiver Program, according to the US Bureau of Consular Affairs website.

    The agency stated, “Travellers must have a valid Electronic System for Travel Authorization (ESTA) approval prior to travel and meet all requirements explained below. If you prefer to have a visa in your passport, you may still apply for a visitor visa.”

    The 2025 Visa Waiver Program brings new travel regulations, changes to the list of participating nations, and policy amendments on visa eligibility.

    This upgrade makes it easier for millions of people throughout the world to enter the United States without a visa, increasing accessibility for transit, commerce, and travel.

    Under the 2025 Visa Waiver Program, individuals of 40 nations can gain entrance to the US without a visa.

    Read also: TikTok bypasses U.S. App Store restrictions, offers direct Android downloads

    Full list of countries under the USA’s Visa Waiver Program 

    1. Andorra

    2. Australia

    3. Austria

    4. Belgium

    5. Chile

    6. Czech Republic

    7. Croatia

    8. Denmark

    9. Estonia

    10. Finland

    11. France

    12. Germany

    13. Greece

    14. Hungary

    15. Iceland

    16. Ireland

    17. Italy

    18. Israel

    19. Norway

    20. Poland

    21. Portugal

    22. San Marino

    23. Singapore

    24. Slovakia

    25. Japan

    26. Slovenia

    27. Latvia

    28. South Korea

    29. Liechtenstein

    30. Spain

    31. Lithuania

    32. Sweden

    33. Luxembourg

    34. Switzerland

    35. Malta

    36. Netherlands

    37. New Zealand

    38. Qatar

    39. Romania

    40. Monaco

  • Visa makes adding cards to digital wallets easier in Jordan

    Visa makes adding cards to digital wallets easier in Jordan

    On Monday, Visa announced its “Tap-to-Add Card” feature in Jordan. This innovation aims to enhance the security and convenience of adding cards to digital wallets by eliminating the need for manual entry, which is often a source of errors and fraud vulnerabilities.

    Read also: 𝐕𝐢𝐬𝐚’s ‘𝐓𝐚𝐩 𝐭𝐨 𝐀𝐝𝐝 𝐂𝐚𝐫𝐝’ expands 𝐭𝐨 𝐔𝐤𝐫𝐚𝐢𝐧𝐞, 𝐆𝐞𝐨𝐫𝐠𝐢𝐚, 𝐒𝐨𝐮𝐭𝐡 𝐀𝐟𝐫𝐢𝐜𝐚 to enhance digital payments

    Tap-to-add card: streamlined and secure digital wallet setup

    The Tap-to-Add Card feature generates a unique, one-time code validated through Visa’s Chip Authenticate service, ensuring secure provisioning of card credentials. This process provides a faster and more secure alternative to traditional methods, offering cardholders greater peace of mind when adding cards to digital wallets. 

    As Mario Makary, Vice President and Cluster Manager for Levant at Visa, noted, “We are excited to bring the enhanced security and simplicity of Tap-to-Add Card to Jordan. The solution provides cardholders with greater peace of mind when adding a card to a digital wallet, knowing their information is protected by advanced security measures.

    We believe that Tap-to-Add Card will be instrumental in driving further adoption of digital wallets in Jordan by addressing key security concerns and simplifying the user experience”.

    Tap-to-Add Cards can help issuers reduce the risk and associated costs of provisioning fraud, simplify the add-to-wallet process, and lead to fewer customer service inquiries. It also improves transaction approval rates.

    Digital wallets benefit from improved token provisioning rates due to fewer card entry errors and compliance with Visa’s security standards.

    Read also: X partners with Visa to power X Money wallet, peer-to-peer payments

    Tap-to-Add card drives digital payment

    Tap-to-Add Card is designed to benefit all stakeholders in the payments ecosystem. Cardholders enjoy a faster, more convenient, and more secure way to add cards to their digital wallets, encouraging greater adoption of digital payments. 

    The technology supports digital wallets globally, ensuring seamless integration with existing digital wallet experiences. With over 542 Tap-to-Add Card tokens enabled in Jordan, the feature demonstrates its ability to streamline and secure digital wallet provisioning.

  • 𝐕𝐢𝐬𝐚’s ‘𝐓𝐚𝐩 𝐭𝐨 𝐀𝐝𝐝 𝐂𝐚𝐫𝐝’ expands 𝐭𝐨 𝐔𝐤𝐫𝐚𝐢𝐧𝐞, 𝐆𝐞𝐨𝐫𝐠𝐢𝐚, 𝐒𝐨𝐮𝐭𝐡 𝐀𝐟𝐫𝐢𝐜𝐚 to enhance digital payments

    𝐕𝐢𝐬𝐚’s ‘𝐓𝐚𝐩 𝐭𝐨 𝐀𝐝𝐝 𝐂𝐚𝐫𝐝’ expands 𝐭𝐨 𝐔𝐤𝐫𝐚𝐢𝐧𝐞, 𝐆𝐞𝐨𝐫𝐠𝐢𝐚, 𝐒𝐨𝐮𝐭𝐡 𝐀𝐟𝐫𝐢𝐜𝐚 to enhance digital payments

    Visa‘s “Tap to Add Card” service, which allows users to digitise their bank cards by just tapping them against their phones, has been extended to South Africa, Georgia, and Ukraine.

    The conventional manual card entry method, which has been found to be both error-prone and vulnerable to fraud, is eliminated by this technological advancement.

    Read also: X partners with Visa to power X Money wallet, peer-to-peer payments

    In order to guarantee safe credential provisioning, the service uses Visa’s Chip Authenticate service, which creates a special, one-time code during the tapping procedure.

    The statement released on February 11 states, “Bringing enhanced security and convenience, Tap to Add Card eliminates the cumbersome process of manual entry, a common source of errors and a vulnerability exploited by fraudsters seeking to compromise sensitive card information.”

    The statement adds, “The tap generates a unique, one-time code validated by Visa’s Chip Authenticate service, ensuring secure provisioning of card credentials and offering a significantly faster and more secure alternative to traditional methods.”

    Advantages of Visa’s “Tap to Add Card”

    In addition to providing cardholders with a more convenient and safe digital wallet integration experience akin to in-store payments, the solution offers numerous advantages throughout the payment ecosystem.

    Read also: Kenya scraps electronic travel authorisation for 52 African countries

    The solution improves transaction approval rates, lowers customer care enquiries, and lowers provisioning fraud risks and related expenses for financial institutions.

    Improved security standards and maybe greater token provisioning rates as a result of fewer card entry errors benefit digital wallet providers, opening up new consumer experiences.

    “Tap to Add Card is designed to benefit all stakeholders in the payments ecosystem,” Visa adds. “Offering an experience similar to in-store payments, cardholders can enjoy a faster, more convenient, and more secure way to add cards to their digital wallets, encouraging greater adoption of digital payments.

  • U.S. Embassy removes drop box option for Nigerian visa renewal applicants

    U.S. Embassy removes drop box option for Nigerian visa renewal applicants

    The United States visa renewal process has undergone a major change with the removal of the drop box visa processing option for Nigerian applicants

    The move is coming on the heels of Donald Trump‘s immigration policy which has had significant impact globally.

    The feature that permitted holders of expired visas to renew their visas without a face-to-face interview has been scrapped.

    The drop box feature on the appointment booking portal is no longer available, according to applicants trying to schedule visa renewals, even though the U.S. Embassy in Nigeria has not yet released an official announcement on the change.

    Read also: Mauritania adopts e-visa system to modernise international travel

    U.S. visa applications tedious process

    This development coincides with a backlog of visa applications, as many applicants had to wait months to get appointments for drop boxes prior to this removal.

    Some people even complained that they had to wait almost a year to schedule a face-to-face session, which made the already onerous process even more frustrating.

    This adjustment was made at a time when many applicants were already having trouble getting an in-person visa appointment due to lengthy wait times, some of which may last up to a year.

    Many applicants sought alternatives in Abuja as a result of the lack of Dropbox appointment slots in Lagos as of January.

    Back to in-person interviews 

    All applicants must now undergo in-person interviews as the drop box feature has been completely removed, reverting to the procedure used prior to 2020.

    Originally designed to streamline the visa renewal procedure, the drop box (Interview Waiver) program in Nigeria permits certain applicants to submit their documents without physically attending an interview at the U.S. Embassy.

    For applicants to be eligible, they needed to fulfil certain requirements, such as:

    Being in possession of a previous U.S. visa that has expired in the last 24 months.

    The previous visa must have been a multiple-entry, full-validity visa issued in Nigeria.

    Requesting a visa in the same category as the one that was previously granted.

    No felony convictions in the United States, labour without permission, or overstaying history.

    In August 2020, during the COVID-19 pandemic, the Department of State extended eligibility, enabling individuals whose visas had expired within 48 months to apply using the drop box option.

    During the pandemic, this technique sought to decrease in-person interactions and expedite visa renewals.

    Removal of U.S. visa applications drop box during Donald Trump’s first term

    Read also: Thailand launch e-Visa application for Nigerians, Ghanaians, other African nations

    Nigeria’s drop box service has, however, been suspended in the past.

    Citing worries over Nigerian travellers overstaying their visas, the U.S. government eliminated the option in 2018, during Donald Trump’s first term.

    Due to the U.S. mission’s requirement at the time that all candidates undergo in-person interviews, processing periods were prolonged and visa appointments were delayed.

    Nigerians wishing to apply for American visas will now have to undergo in-person interviews instead of the drop box function, which has resulted in longer wait periods.

    Students, frequent tourists, and business travellers who previously depended on the drop box method for quicker renewals may be greatly impacted by this policy change.