The M-PESA visa virtual card was launched on Thursday by Visa and Safaricom, global leaders in online payments. This will help Kenyan shoppers pay quickly for things when shopping overseas.
M-PESA grew from just a money transfer service into a giant payment platform that has helped Kenyans access financial services in the last fifteen years. This has opened the door for many new services. As a result of this partnership, Safaricom CEO Peter Ndegwa said, “We will strive to close the gap, so any customers who desire to use M-PESA anywhere; in the world can.
Kenyans will be able to make cashless payments using the M-Pesa virtual card at any merchant location in more than 200 countries; Safaricom noted “
At the launch, Corine Mbiaketcha, Vice President of Visa and General Manager in East Africa, said that “to ensure that the global market is open to everyone, Visa is working on expanding Africa’s payments ecosystem.
Our goal in working with Safaricom is to create a new payment system that will help consumers and businesses in Sub-Saharan Africa take advantage of Visa’s worldwide reach in commerce,” she said.
We are paving a new way forward for digital payments by drawing on our extensive global network, years of industry experience, Safaricom’s local expertise and subscriber base. She went on to say, “For those Kenyans who do not have access to banking services, we are confident that this initiative will open up the global e-commerce market.”
To use the M-PESA card, you must first download the M-PESA app, then click on “Pay” or “Grow” in the app’s menu to access M-PESA GlobalPay. It can also be activated by dialling *334#, choosing option 6 for “Lipa Na M-PESA,” and then selecting “M-PESA GlobalPay.” Safaricom’s explanation
Customers must enter the M-PESA Personal Identification Number (PIN) in either case. The client can then view the details of their card, generate a “CVV” that will be used to manage their card, confirm card transactions, verify recurring, access mini-statement and verify recurring payments.
Customers will be protected from incurring foreign exchange costs on locally made online payments done in Kenya currency because the Virtual Card will be used exclusively for online payments internationally.
Whenever a customer uses the card to make a transaction, they will get a message with the current exchange rate. The current KES 300,000,000 daily and the KES 150,000 per transaction limit applies to all transactions.
As Kenyans increasingly turn to shop websites and global apps for business, retail, entertainment, retail, and travel overseas, this initiative by Safaricom and Visa is to meet this growing demand.
The Virtual card gives customers the convenience and freedom of transacting anywhere in the world, but it also strengthens M-security PESA’s by allowing customers to create a CVV for 30 minutes unique to themselves. This feature is available to customers only.
A customer’s Pin is required to complete a transaction whenever their CVV is generated. It is to ensure that only customers have access to all card information.
A strategic partnership between M-PESA Africa and Visa will allow customers in other M-Pesa markets to access the M-PESA GlobalPay Virtual Card by using M-PESA Super App. This will happen over time. This includes Ghana, the Lesotho DRCongo, Mozambique, and Tanzania, some examples of these countries.