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.

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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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