mVisa launches Kenya. It is the new way to pay and be paid using your smartphone.
With mVisa there is no making mistakes for change or hand-over your card to the business or queue up at your bank or ATM to deposit and withdraw cash. Just Scan, Pay and Go.
Visa launched the mVisa QR code-based mobile payment service in Kenya with Co-Operative Bank, Family Bank, KCB and NIC Bank.
“With mVisa, consumers can directly access all of the cash in their bank accounts to pay merchants or individuals,” Visa says.
mVisa the global card network announced the launch of mVisa — a new mobile payments service that will be tested over the next several weeks through a pilot with Indian banks.
ICICI Bank became the first to offer the service to consumers in October, followed by State Bank of India, which announced its support for mVisa in May 2016.
It is due to arrive in Nigeria by the end of this year.
By downloading the mVisa app on either a smart or feature phone, a consumer can then link that device to any type of Visa account debit, credit or prepaid.
Once the app is active, consumers can initiate a transfer of funds to a merchant, utility or individual mVisa account holder.
mVisa transactions are processed via Visa’s global network, VisaNet.
Kenya is one of many recent pushes from the California-based card network as it looks to expand its global footprint and facilitate a greater shift away from cash based commerce.
“For the past 50 years, access to Visa’s technology environment was tightly controlled and available only to developers at financial institutions and merchants a strategy that helped drive the migration from cash to electronic commerce in a secure manner,” said Rajat Taneja, EVP of technology at Visa Inc.
“Today, as commerce shifts to digital environments where consumers can make secure purchases using mobile devices, it is critical that we open up Visa’s network and make it easier for developers globally to access our payment platform making secure Visa payments a standard feature of mobile applications.”