Safaricom, is ogling a piece of the $13.5 billion in annual transactions in Kenya’s cards payment industry with its new Mpesa debit card.
The Safaricom Mpesa debit card will allow for fast checkouts at shops, restaurants and other businesses across the country.
At present, when paying using MPesa at a supermarket, a buyer is required to input the till number, the amount of money due, the MPesa PIN and then wait for the transaction to be completed. This is much slower as it requires users to follow through several stages before a transaction is completed.
“As the M-Pesa ecosystem continues to expand, we continue to test the boundaries of the service to identify how we can continue to extend the gains of the platform to an increasing number of customers and businesses,” Safaricom’s chief executive officer Bob Collymore said.
In 2015, a total of 1.3 trillion Kenyan shillings ($13 billion) was transacted through electronic payments cards in Kenya with $12 billion transacted in a prior year.
The Safaricom Mpesa debit card is currently in its pilot stage, and will contest commercial banks for card commissions once its rolled out across the country.