mVisa Kenya is to offer free person-to-person (P2P) transactions, through nine Kenyan banks that have either enabled mVisa on their mobile banking applications or acquired merchants to be able to accept mVisa.
mVisa allows you to access your money right on your mobile phone, while payments are enabled straight from your bank account, secured by your bank and Visa at no transaction costs when you make payments.
The QR-code-based payment method enables payment acceptance without the need for merchants to invest in expensive terminals. mVisa will soon be accepted at thousands of merchants aggregated through Direct Pay Online and Jambo Pay.
The mVisa Kenya partnership include Barclays Bank, Cooperative Bank, Ecobank, Family Bank, KCB Bank, National Bank of Kenya, NIC Bank, Prime Bank, and Standard Chartered Bank.
The service started operations as of July 14, enabling customers to send money for free using mVisa. Additional banks that are to offer the mVisa service include Diamond Trust Bank and Stanbic.
mVisa Kenya will also be accepted at thousands of merchant locations across Kenya including Nakumatt, KenolKobil, IMAX Theaters, EatOut, Zucchini, Little Cab, Kenya Airways and Bata.
“This is a significant move especially when you consider how much Kenyans spend on transaction fees for mobile money transfers every year. With 38.9 million active mobile phone subscriptions and Ksh. 515.9 billion [US$4.96 billion] in person-to-person money transfers within the last quarter of 2016, mobile money payments have become an integral part of Kenyans’ lives,” said Andrew Torre, group country manager for Visa Sub-Saharan Africa.
“There is a strong sense of community here with people often sending funds to family, friends and even strangers in times of need, celebration or crisis. We hope to enhance this by eliminating barriers such as transaction costs, while giving customers a convenient, secure and affordable experience. We are excited to continue to build momentum around mVisa to digitize payments with a scalable and interoperable solution that is not limited by the mobile network, bank or type of handset used.”
Customers can use mVisa payment system to send money directly from their bank to a recipient’s bank account regardless of whether they use a smartphone or feature phone. Transactions are processed via Visa’s global network, VisaNet.
mVisa is now live in Kenya, India, Rwanda and Egypt with plans to launch in Nigeria, Uganda, Tanzania, Ghana, Indonesia, Kazakhstan, Pakistan and Vietnam underway.