Reportedly, Visa Inc. (V)and M-Pesa, the mobile phone-based African money transfer service owned by Kenya’s Safaricom Plc have entered a deal to launch a virtual payment card in a bid to cover some of the continent’s $40 billion-a-year subscriptions market. The M-Pesa Global Pay Visa Virtual card will allow consumers to securely pay 100 million foreign merchants like Alibaba and Amazon from their mobile phones, without the need for credit cards or accounts with processors such as PayPal.
The card will initially be available to more than 30 million M-Pesa users in Kenya and will be available in Tanzania, where testing is going on, Congo, Mozambique, Lesotho, and Ghana by April 2023, informed M-Pesa Africa Managing Director Sitoyo Lopokoiyit.
Transactions in the M-Pesa platform’s limits in the local Kenyan currency of 150,000 shillings for a single transaction and a daily limit of double that. Users will be able to use the virtual card while traveling abroad.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Its mission is to connect the world through the most innovative, reliable, and secure payment network – enabling individuals, businesses, and economies to thrive. Their advanced global processing network, VisaNet, provides secure and reliable payments around the world and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying its brand, products, people, network, and scale to reshape the future of commerce. To learn more about Visa (V) and to track its ongoing progress please visit the Vista Partners Visa (V) Coverage Page.)
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