Nine consumer Banks in Kenya will be able to send money to each other domestically using M-Visa and without transacting fees, Visa Sub-Saharan Africa Group has announced.
The partnership between the banks and Visa Sub- Saharan Africa group through Direct Pay Online and Jambo Pay will enable clients to use mVisa on their mobile banking applications or have acquired merchants to be able to accept M-Visa.
Speaking on Thursday evening during a client’s event at a Nairobi hotel, ICT Cabinet Secretary (CS), Joe Mucheru said M-Visa mobile First approach is ideal for the country’s ecosystem where mobile penetration is at a staggering 88 percent.
mVisa customers will be able to make card-less purchases or send and receive money using their mobile phones, said Mucheru, adding that the burden of carrying several cards and other instruments is no more and that customers will cherish the convenience and freedom of the secure electronic transactions.
I congratulate Visa for creating this platform and partnering with Kenya’s leading banks and payment facilitators such as Direct Pay Online and JamboPay to enable thousands of merchants to accept M-Visa payments.
The Partnership, said the CS, demonstrates the confidence and faith that Visa, a leading international brand has in Kenya’s banking sector and indeed the economy at large.
Visa Sub Saharan Country Manager Andrew Tore said smaller merchants in particular have realized that they no longer have to invest in expensive point of sale infrastructure as M-Visa gives them the freedom to accept bank to bank payments in a convenient, secure and affordable manner.
The M-Visa implementation in Kenya has benefited from the Visa Developer Platform allowing all partner banks the ability to integrate the M-Visa Advanced Pediatric Life Support (APLs) directly into their mobile banking apps speeding up the banks that have been able to roll out the M-Visa solution in Kenya, Tore said.
Consumers, he said, will now use mVisa to send money directly from their bank to a recipient’s bank account regardless of whether they use a smart phone or a feature phone
M-Visa will now accept thousands of merchants locations across the country including Nakumatt, KenolKobil, IMAX Theaters, EatOut, Zucchini, Little Cab, Kenya Airways and Bata will be aggregated through Direct Pay Online and JamboPay to enable an even easier eCommerce experience for Kenyans.
Consumers can now use mVisa to send money directly from their bank to a recipient’s bank account regardless of whether they use a smart phone or a feature phone. The nine banks are Barclays Bank, Cooperative Bank, Ecobank, Family Bank, KCB Bank, National Bank of Kenya, NIC Bank, Prime Bank, and Standard Chartered Bank.
Kenyans spend a lot on transaction fees for mobile money transfers every year. With 38.9 million active mobile phone subscriptions and Sh.515.9 billion and in person-to-person money transfers within the last quarter of 2016, mobile money payments have become an integral part of Kenyans lives.
Source: Kenya News Agency