Visa, the world's leader in digital payments, and Multi Level Group (MLG), a leading fintech firm will collaborate in the areas of issuing and acquiring contactless digital solutions in North Africa.

 

For this they signed a Memorandum of Understanding (MoU) at the Mena Transport Congress and Exhibition 2022 last month.

 

Under the MoU, and in light of Visa's global initiative to improve the cashless and digital  payment experience, Visa will work with MLG to implement various digital experiences in both the private and public sector. 

 

Transit comes at the forefront of this strategic partnership whereby both organisations would offer transit solutions that would make passenger experience seamless and reduce travel time by allowing passengers to pay for their ride using their everyday contactless Visa prepaid and co-branded cards or wearable devices. 

 

In addition, the initiative will also leverage Visa and MLG technologies to enable and expand digital acceptance solutions for merchants across markets in various markets across North Africa. 

 

Commenting on the MOU signing, Leila Serhan, Visa’s Senior Vice President and Group Country Manager for NALP, said: “The adoption of digital payments is becoming a necessity in public and private projects and transportation is a key area where contactless payments will make a difference, especially as we see Egypt and the entire Mena region focus more than ever on digital transformation. 

 

“Our MoU with MLG will focus on synergies and knowledge sharing to deliver smart cashless and mobility solutions across key markets in North Africa. Visa already supports more than 450 projects worldwide and we look forward to bringing our expertise in contactless payments and urban mobility to this initiative."

 

Visa's urban mobility solutions such as the "Visa Known Fare Transit" model, the "Mobility & Transport Transaction" model, and the "Visa Ready for Transit" model are catalysing the transformation of mass transit globally by reducing infrastructure costs (ticket counters and vending machines) and improving the overall customer experience to drive ridership and revenue growth. 

 

Abdul Jabbar AL Sayegh, Group Chairman, MLG, said: “Through this MoU, we hope to leverage Visa's advanced diversified solutions as well as MLG experience in digital transformation, which combined will help shape the future of seamless transportation.

 

“We are also glad to promote acceptance of EMV contactless payment to both consumers and merchants through ‘The Platform’ which is one of existing assets of MLG. Promotion of digital payments has been accorded highest priority by MLG to bring all the segments under the fold of digital payment services and to provide facility of seamless digital payment to all activities in a convenient, easy, affordable, quick and secured manner."

 

As consumers move towards cashless and low-touch payment methods, this partnership will see both companies sharing best practices to enhance and create greater efficiencies in the transit industry.

-- TradeArabia News Service