Last Thursday, Safaricom signed a deal with VISA Global Network that will boost the M-pesa brand. They set the partnership to have a new digital product launched this year. The new M-pesa product will revolutionize how M-pesa customers transact, and merchants operate. This new phone-based M-pesa virtual card will enable users to make payments and cash transfers via their VISA linked debit cards to their M-pesa wallets even when abroad.
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Safaricom CEO, Peter Ndegwa, in a joint statement with the President of VISA Global, Andrew Torre, stated that the deal would promote global electronic commerce and create unique and enhanced payments for customer experiences. This partnership will further enhance the accessibility and security of cashless payments for M-Pesa customers. This is a prompt move as governments worldwide push citizens to adopt more cashless modes of payments to curb the coronavirus pandemic.
The collaboration of these two major brands will see both VISA global network and M-pesa mobile network record notable growth. VISA is a global network covers over 200 countries, while Safaricom is the biggest mobile money network in Kenya. This collaboration will see the over 173,000 Lipa Na M-pesa agents and 24 million-plus M-pesa customers connected to VISA’s 3.4billion VISA cards and 61 million merchants. The deal is still pending regulatory approval.