Subscribe for FREE Email Updates & Access To EXCLUSIVE Research!

Visa Enters Deal With M-Pesa, Mobile Phone-based African Money Transfer Service – $V $DIA

By John F. Heerdink, Jr.

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.

“A lot of M-Pesa customers today don’t have a bank account it (the virtual card) is a catalyst for e-commerce and digital payments,” stated Visa official Alex McCrea.

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.)

Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.

Stay Informed! Stay Competitive! Please join us at Vista Partners, receive our FREE email updates throughout the week, and view our exclusive content and research.

(Read Original Story: Safaricom's M-Pesa, Visa offer virtual card for global transactions in Reuters)


Subscribe for FREE Email Updates & Access To EXCLUSIVE Research!

Connect with us