In a strategic move to expand global payment options for their customers, M-PESA and Visa have joined forces once again, marking the second collaboration in less than two years.
The partnership sees M-PESA, the widely used mobile money platform embraced by 32.1 million Kenyans and over 60 million customers across eight African markets, venturing into the realm of tap-to-pay transactions.
This development represents a significant expansion beyond M-PESA’s virtual GlobalPay offering, signaling its intent to penetrate the cash-dependent retail sector.
SafaricomPLC, the parent company of M-PESA, proudly announced its achievement of PCI DSS compliance, a milestone that strengthens its collaboration with Visa.
The compliance allows M-PESA to broaden its payment capabilities, incorporating card issuing and acquisition into its array of services.
According to a statement from M-PESA Africa, the tap-to-pay solution will provide customers with a seamless experience, allowing merchants to receive payments effortlessly.
Additionally, the partnership enables visitors with cards to make payments through M-PESA, extending card solutions to other fintech companies.
Visa, the global digital payments giant, stands to benefit significantly from this collaboration as it strives to expand its presence in Africa.
Leveraging M-PESA’s extensive user base and deep integration into Kenyan daily life, Visa gains a powerful platform to tap into the rapidly evolving digital payments landscape on the continent.
The tap-to-pay product is not limited to Kenya; customers across the eight countries where M-PESA operates can take advantage of this innovative solution.
M-PESA emphasized that the collaboration with Visa will empower fintechs and financial institutions to leverage card processing capabilities, enabling them to offer comprehensive mobile and card payment solutions.
Editor’s note: An earlier version of this article incorrectly stated that M-PESA would issue physical cards as part of the partnership with Visa.
M-PESA has clarified that the collaboration does not involve physical cards, and the article has been updated accordingly.
