M-PESA, Safaricom's mobile money platform, strengthens partnership with Visa for enhanced collaboration.
M-PESA, Safaricom's mobile money platform, solidifies its collaboration with Visa, introducing tap-to-pay card payments. This advancement propels the payment giant beyond virtual services, allowing M-PESA's 60 million customers to receive mobile payments and conduct global online and in-person card transactions.
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In June 2022, the Kenyan fintech joined forces with Visa, unveiling the M-PESA GlobalPay Visa Virtual Card. While this virtual card was limited to online use, the recent launch of physical cards marks the second joint effort between M-PESA and Visa in under two years, elevating international payment capabilities. This move is pivotal for M-PESA, a digital payments pioneer in Kenya, seeking to penetrate the retail sector with a mere 22% debit card penetration nationwide. Since its 2007 launch by Vodafone and Safaricom, M-PESA has expanded across Africa, boasting 60 million customers, 5 million businesses, and 100,000 developers. With a dominant 96.5% share in Kenya's mobile money market, M-PESA faces competition from Airtel Money and Orange Money. While successful in the digital landscape, M-PESA's foray into Kenya's cash-based retail market is uncertain. In February 2023, M-PESA announced a partnership with Amazon, expanding its services to global remittance.
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