Telecommunications giant; Safaricom and global payments technology company; Visa have launched the M-Pesa GlobalPay Visa Virtual Card.
The launch will now make it much easier for customers in Kenya to shop globally while also making payments online that are secure, to over 100 million merchants in more than 200 countries via the expansive worldwide network of Visa.
It is however important to keep in mind that the M-Pesa GlobalPay Visa Virtual Card should only be used for online payments outside of Kenya. This is in order to help users avoid any Forex conversion costs which will be charged on the online payments, including those made in Kenya and billed in Kenyan Shillings.
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As soon as a user carries out a transaction with the M-Pesa GlobalPay Visa Virtual Card, said user will promptly receive an SMS which will include the current exchange rate for the total value of said transaction. All transactions will still be tied to the current limits on Safaricom’s M-Pesa mobile money service of not more than 300,000 Kenyan Shillings per day and not more than 150,000 Kenyan Shillings per single transaction at the foreign exchange rates set at the time of the transaction.
The Chief Executive Officer (CEO) of Safaricom; Peter Ndegwa stated that, “M-PESA has over the past fifteen years 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 numerous 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 would like to use M-PESA anywhere across the world.”
It is expected that the M-Pesa GlobalPay Visa Virtual Card will cater to the growing needs of customers in Kenya who make use of worldwide shopping websites and mobile apps for business, pleasure and retail purposes outside the country.
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To activate the M-Pesa GlobalPay Visa Virtual Card via the M-Pesa App all the user needs to do is select the ‘M-Pesa GlobalPay’ under either the ‘Pay’ option or the ‘Grow’ option.
The M-Pesa GlobalPay Visa Virtual Card can also be activated by dialing *334# on your mobile device. Once done select option 6 which is for ‘Lipa Na M-Pesa’ and then the ‘M-Pesa GlopalPay’ option.
Users will be required to use their private M-Pesa pins during the M-Pesa GlobalPay Visa Virtual Card activation process.
Users will then be able see the details of their cards and create a Card Verification Value (CVV) which is required for the confirmation for each and every card transaction done online.
Users will also be able to manage their M-Pesa GlobalPay Visa Virtual Card, access their mini statements, and also set up repeat payments.
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Along with providing users with the ease of completing online transactions all over the world at super fast speeds the M-Pesa GlobalPay Visa Virtual Card, makes use of the impressive security on Safaricom’s M-Pesa mobile money service to help users create new and distinctive Card Verification Values (CVVs) which will only be valid for a period of thirty (30) minutes.
Users will be required to type in their private M-Pesa pins whenever they need to create a new Card Verification Value (CVV). The feature of creating create new and distinctive Card Verification Values (CVVs) that are valid for only thirty (30) minutes will ensure that the most important details required to complete online transactions with the M-Pesa GlobalPay Visa Virtual Card, will only be known by the user.
The Vice President and General Manager for East Africa at Visa; Corine Mbiaketcha made it known that, “Visa is committed to expanding the payments ecosystem across Africa by opening up the global marketplace for every single consumer. This partnership with Safaricom is an important step in helping to achieve this. Safaricom has already transformed how money moves in Kenya, and we are excited to be working together to develop new and innovative payment products and services that can eliminate barriers to global commerce for merchants and consumers in sub-Saharan Africa, through Visa’s global footprint.”
She added that the global payments powerhouse is really optimistic about collaborating with Safaricom especially at a time when there has been a significant quickened move to online spending and payments as opposed to the use of physical cash. Visa believes that its experience as well as its the expansive worldwide network combined with Safaricom’s knowledge on the African continent and its subscriber base, will help both companies create a new way for carrying out online payments.
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In the words of Vice President and General Manager for East Africa at Visa; Corine Mbiaketcha, “We remain optimistic that this partnership will go a long way in opening the global e-commerce market to Kenya’s significant unbanked and underbanked population.”
The M-Pesa GlobalPay Visa Virtual Card will also be available in the Democratic Republic of Congo (DRC), Ghana, Lesotho, Tanzania, and Mozambique. This will be rolled out to said markets at a gentle pace via the partnership between M-Pesa Africa and Visa, as well as Safaricom’s M-Pesa app.
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