Safaricom’s M-PESA finally debuts its debit card system to bolster its digital payment services in Kenya and across the African FinTech landscape. The M-PESA debit card is digitally integrated with Visa’s FinTech platform that secures both local and international payment transactions. This also serves as a lucrative business partnership between M-PESA, Visa, and Safaricom to further corporate-inclined business expansion posed as GlobalPay remittance solutions.
M-PESA users have anticipated one of Safaricom’s decisions about its subsequent FinTech products to yield a virtual card system for seamless payment services. The M-PESA payment network is dominant in the Kenyan FinTech marketplace and the EMEA region — although Safaricom’s M-PESA recently gained a license to run a digital payment business full-time in Ethiopia.
M-PESA has reportedly completed millions of transactions in its existing marketplace per its flagship FinTech products including M-PESA and subsequent FinTech products such as Fuliza, KCB M-PESA, and M-Shwari (digital loan accessible to cash overdrafts). M-PESA also offers other FinTech products such as sending and receiving cash, bill payments, and other FinTech-related services.
It’s worth noting that M-PESA digital payment services rival International payments service providers. International digital payment providers have reportedly discriminated against African users of their payments platforms thereby practicing unethical seizure of processed funds.
M-PESA virtual debit card ft. Visa.
Safaricom CEO, Peter Ndegwa confirmed the disguised partnership with Visa to produce the GlobalPay remittance solutions. Ndegwa’s statements revealed several other investors have “offered support from both regulators and partners. M-PESA is working together to deliver innovative products in a new year such as Visa Virtual Card by M-PESA GlobalPay to support international online payments.”
M-PESA’s chief executive believes FinTech products will lead the African digital innovation in the continental economy via GlobalPay. The M-PESA mobile app has experienced more than five million app downloads — this places the Safaricom FinTech-focused platform to be an East African titan FinTech services provider.
Safaricom’s M-PESA has reportedly served the Kenyan FinTech marketplace for more than a decade — .M-PESA’s previous report about gaining a stance in the Ethiopian FinTech marketplace as a foreign investor revealed M-PESA has millions of active users sending and receiving cash and other FinTech-related services.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
