Banking
Visa Prepares for Visitors to Russia for 2018 FIFA World Cup
By Dipo Olowookere
Ahead of the football tournament scheduled for Russia next year, Visa, the Official Payment Service Partner of FIFA, the world governing body for the game, said it was ready for the projected 500,000 visitors expected to attend the global event.
To show its readiness, Visa recently released travel and spending data for the 2018 FIFA World Cup.
Throughout official FIFA venues, Visa will enable a cash-free fan experience by implementing point-of-sale terminals that accept a Visa credit or debit card and a range of digital payments, such as those made via phone or watch.
According to the payment system firm, these enhancements ensure official FIFA venues are equipped with the latest in payment innovation and are ready for the increase in expected international visitors to Russia.
Based on spending trends and insights from Visa, it is projected that Russia will host an additional 300,000 to 500,000 international visitors during the months of June and July 2018, on top of a baseline average of 4.3 million total international visitors to Russia during that same time period over the past four years.
Based on historical data from the previous four FIFA World Cup tournaments, Visa projects foreign visitors to Russia will represent a 6 to 10 percent increase in foreign visitors to the country in June and July 2018. The largest share of non-native travellers to Russia is forecast to come from Europe (69 percent), Asia Pacific (12 percent) and Americas (8 percent).
Based on historical data from the 2014 FIFA World Cup Brazil, Visa anticipates Russia can expect to see an increase in per traveller spending.
On average, visitors attending the 2014 FIFA World Cup Brazil spent 31 percent more per card than regular tourists in Brazil. Visa projects this difference was a result of FIFA World Cup fans spending over 25 percent more at restaurants, over 10 percent more on transportation, and close to 10 percent more on lodging.
“As the Official Payment Service Partner of FIFA, Visa is excited for fans all over the world to join us in Russia,” said Ekaterina Petelina, country manager, Visa Russia. “From unveiling the latest payment innovations to upgrading payment terminals to allow for contactless cards and digital payments, such as those made via phone or watch, throughout official venues, Visa will continue to elevate the fan experience. Visa provides simple and secure payment options for those in attendance, so they can get back to their seats quickly and focus on the match.”
Global ticket sales for the 2018 FIFA World Cup Russia continue to perform well, as FIFA recently reported that close to 800,000 tickets have been sold so far to the FIFA World Cup global fan base.
Nearly 50 percent of the ticketing demand is coming from the host country, Russia, with Argentina, Australia, Brazil, China, Colombia, Germany, India, Mexico and the United States making up the largest number of international requests.
To ensure fans have a seamless and secure payment experience when attending the 2018 FIFA World Cup Russia, Visa said it developed the following recommended travel tips that fans can take advantage of.
Know Before You Go to Russia
Notify your issuing bank or financial institution of anticipated travel plans, including use of Visa debit, credit or prepaid cards abroad to avoid any issues while processing transactions. Issuing banks can also provide information about travel-related benefits for Visa account holders, including opt-in mobile services, such as Mobile Location Confirmation through your bank’s mobile app or Visa’s Travel Authorization Tag.
Register for SMS notifications with your specific bank, or the bank’s transaction notification service, to track purchases made on your Visa accounts as you travel.
Set up automatic bill pay for any credit cards to give you some peace-of-mind that your account will be current while traveling abroad.
Make two copies of important travel documents, namely your passport, in case of emergency. Leave one copy with a friend or relative and carry the other separate from your original documents. You can also take a photo with your cellphone of important documents.
Travel Tips for Fans in Russia
When paying by card, pay in “local currency” for a competitive exchange rate.
Use a credit or debit card for purchases. Visa offers security, convenience and ease when paying abroad. It is safer than carrying cash.
Whenever possible, pay through a chip-activated terminal when using your credit or debit card for enhanced security.
Look for the Visa or PLUS logo at any point-of-sale terminal to ensure international payment cards are accepted.
By Modupe Gbadeyanka
The chief executive of TeamApt Limited, Mr Dennis Ajalie, has called for a robust collaboration in the digital payments ecosystem, saying banks and fintech companies should not see themselves as rivals.
Mr Ajalie said the industry’s regulator, the Central Bank of Nigeria (CBN), has delineated what each entity should do and how they should function in creating a successful payment ecosystem that protects consumers and enables businesses, which he admitted to be complementary and not competitive.
Touching on the imperative of borderless transactions and the solutions for implementation concerning the framework, he said, “Borderless transactions have to happen because we’re becoming more interconnected by the day and by the minute.”
“We still have a lot of siloed implementations among key stakeholders and unless we recalibrate our systems, borderless remains beyond our reach and a mirage,” Mr Ajalie stated at the Committee of e-Business Industry Heads (CeBIH) conference in Lagos themed Payment System Vision 2030: Navigating Contemporary Issues in Driving Future Growth.
“There’s the fierce urgency of now that demands that we find solid ways to interconnect, and once we’re able to interconnect within ourselves, reconcile properly, especially on the local front, then we can present a single, unified front that will enable us to push transactions and receive transactions from outside.
“We cannot go forward without fixing these internal challenges,” he added at the event, where he was one of the panellists.
TeamApt, a subsidiary of Moniepoint Incorporated, facilitates payment processing across many industries while enabling reliable payments for banks and their customers while reducing operating costs.
Wrapping up his thoughts, the TeamApt boss reiterated the need for industry-wide collaborations in fighting the menace of fraud.
“If we are able to all share information and collaborate seamlessly, we’ll find out that it becomes disinteresting for these bad faith individuals to use the collective technology commonwealth that we have all built to commit nefarious activities.
“So, it goes back to collaboration among fintechs, the banks, NFIU, infrastructure providers, the telcos, and switches. We’ve all got to come together to say, enough is enough and that this present situation threatens all of us rather than just one of us,” he added.
By Modupe Gbadeyanka
An innovative web banking platform to provide customers with an additional digital channel to manage and carry out uninterrupted daily transactions on their phones, laptops and other devices has been introduced by Bankit Microfinance Bank (MFB).
The emerging small financial institution said it came up with this platform to break barriers and empower individuals and businesses to manage their finances with confidence.
With this, Bankit MFB is redefining convenience and security in banking, ensuring uninterrupted access to financial services, time-saving functionalities, efficiency, real-time account updates, 24/7 availability, and faster transactions.
“In today’s fast-paced digital age, connectivity is everything in banking, and for us, it’s all about improving customer experience with simple banking options and empowering our teeming customers to live their best lives.
“We are revolutionizing the Fintech landscape in Nigeria, and we have developed this solution to empower our customers to bank securely, anytime, anywhere, conveniently.
“We are committed to leveraging technology to enhance the banking experience for all our customers,” the chief executive of Bankit Africa, Mr Yen Choi, stated.
“Bankit’s web banking platform reaffirms one of the bank’s core values – Innovation and sets a new standard for accessibility and security in the banking industry.
“As part of our ongoing commitment to excellence, Bankit Africa will continue to evolve its offerings to meet and exceed the needs of its rising customer base.
“Some key features of this web banking platform include: a simple way to send money, buy airtime, and pay bills with no extra fees or hidden charges,” he added.
Bankit MFB is a licensed financial institution dedicated to providing innovative, customer-centric financial solutions to individuals, businesses, and communities in Nigeria, with a focus on simplicity, convenience, and security.
By Dipo Olowookere
Banking operations at the branches of most financial institutions in Nigeria will end earlier than expected today, Tuesday, December 31, 2024.
The majority of them have sent messages to their customers to inform them of this development.
Business Post sighted some of these notices sent by the banks to their customers via electronic mails (e-mails).
One of them from Guaranty Trust Bank (GTBank) Limited said transactions at its Lagos branches will close for the day and year by 3 pm while in other branches at 2 pm, encouraging customers to use its digital channels for their financial transactions.
“We would like to inform you that all our branches nationwide will close to customers early on Tuesday, December 31, 2024.
“During this period, we encourage you to take advantage of our digital channels for banking needs,” the notice read in parts.
On its part, United Bank for Africa (UBA) Plc said its branches would close for the day at 2 pm across the nation.
“As we prepare for the New Year celebration, our branches will close by 2 pm on Tuesday, December 31, 2024.
“While our branches take a break, our digital channels, the UBA Mobile Banking, Leo, *919# or internet banking are available 24/7 for all your banking needs.
“Your security is our priority. We will never ask for your BVN, card number, PIN or personal details. Suspect anything fraudulent? Call our Fraud Help Desk,” the message from the lender read.
As for Fidelity Bank Plc, it plans to stop banking services at its branches nationwide today by 2 pm to resume on Thursday, January 2, 2025.
“Please be informed that our branches will close at 2 pm on Tuesday, December 31, 2024, ahead of the New Year holiday.
“As always, our digital channels; Mobile Banking, USSD Bank (*770#), PoS, ATMs, Cards, and Ivy Chat, will be available 24/7 for all banking transactions.
“Please note that normal operations will resume at 8 am on Thursday, January 2, 2025,” the bank said in its message to customers.
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