Safaricom and Visa launch M-pesa Visa virtual card for global transactions
Safaricom and Visa, the global leader in digital payments, on Thursday launched the M-pesa visa virtual card to facilitate payments for Kenyan global shoppers.
In a statement, Safaricom noted that the new M-Pesa Visa virtual cards will open up global shopping to Kenyan consumers, enabling secure cashless payments at merchants in more than 200 countries through Visa’s global network.
“Over the past fifteen years, M-PESA has evolved from a simple money transfer service to become a robust payment platform and driver of financial inclusion for Kenyans. This has paved the way for many innovative services and by partnering with Visa to provide the M-PESA GlobalPay Visa virtual card, we are looking to bridge the gap for our customers who want to use M-PESA anywhere in the world,” said Peter Ndegwa, CEO, Safaricom.
Speaking at the launch, Visa’s Vice President and General Manager for East Africa, Corine Mbiaketcha, said Visa is committed to expanding the payments ecosystem across Africa by opening the global market to every consumer.
“Safaricom has already transformed the way money moves in Kenya, and we are excited to work together to develop new, innovative payment products and services that can break down barriers to global trade for merchants and consumers in Sub-Saharan Africa, thanks to Visa’s global footprint,” she said.
“Leveraging our extensive global network and experience along with Safaricom’s local expertise and large subscriber base, we are forging a new path for digital payments. We remain optimistic that this partnership will go a long way in opening up the global e-commerce market to Kenya’s large unbanked and underbanked population,” she added.
“Customers can activate the card through the M-PESA app by selecting M-PESA GlobalPay, under the ‘Pay’ or ‘Grow’ option. They can also activate it by dialing *334# and then selecting the option 6 for “Lipa Na M-PESA” followed by “M-PESA GlobalPay” Safaricom Explained
Both options will require the customer to use their M-PESA passcode. The customer can then view their card details and generate the “CVV” needed to confirm card transactions online, manage their cards, set up repeat payments and access their mini-statement.
The M-PESA GlobalPay Visa Virtual Card will be exclusive for international online payments outside the country to protect customers against forex conversion fees on local online payments charged in Kenyan shillings.
Once a customer completes a transaction with the card, they receive an SMS with the current exchange rate for the value of the transaction. Transactions will be subject to current M-PESA limits of KES 150,000 per transaction and KES 300,000 per day at prevailing Forex rates.
The M-PESA GlobalPay VISA Virtual Card is a timely service designed to meet the growing needs of Kenyans using global apps and shopping websites for entertainment, retail, business and even when traveling internationally. ‘foreign.
In addition to giving customers the freedom and convenience to transact globally, the M-PESA GlobalPay Visa Virtual Card leverages the security of M-PESA by allowing customers to generate a unique CVV during a period of 30 minutes.
Customers will enter their M-PESA PIN each time they generate a CVV. This feature ensures that all card details required to complete a transaction are only known to the customer.
The M-PESA GlobalPay Visa Virtual Card will gradually be made available in other M-PESA markets via the M-PESA Super App as part of a strategic partnership between M-PESA Africa and Visa. These include Tanzania, Democratic Republic of Congo, Mozambique, Lesotho and Ghana.