Safaricom to launch virtual Visa card for all-round global transaction
Safaricom is set to launch a virtual Visa card that will enable customers to make all-around payments for goods and services globally.
The virtual Visa card will be unveiled in the market in June and will enable subscribers to pay for services such as Netflix and Amazon.
“The strategy is to open up e-commerce and opportunities for Kenyans to buy products and services online, whether it’s Amazon, Netflix and so on and so forth. So, it makes it much easier to do that,” said Safaricom’s Director of Financial Services Sitoyo Lopokoiyit.
The product is expected to boost Safaricom’s M-Pesa platform.
As of May 12, M-Pesa had hit a Ksh.100 billion mark in revenue, to stand out as the telco’s top revenue contributor 15 years after its establishment.
M-Pesa was introduced in Kenya on March 6, 2007.
M-Pesa has over 3.2 million businesses accepting payments under its portfolio, while the M-Pesa business app has about 100,000 active businesses.
Kenya remains M-Pesa’s most active market accounting for more than 30 million of the service’s 51 million customers across Kenya, Tanzania, the Democratic Republic of Congo, Mozambique, Lesotho, Ghana and Egypt.