Safaricom, the operator of M-Pesa mobile money, has launched a virtual card for users in partnership with global payments giant Visa. Thanks to this partnership, millions of M-Pesa users will be able to make payments without limitations, and Visa’s reach will be extended across the continent of Africa. The launch of the M-Pesa GlobalPay Visa virtual card is part of a strategic partnership between the two companies which was forged back in 2020 to develop products that will support digital payments for M-Pesa customers as well as improve their experiences with payments.
The newly-launched virtual card will give about 30 million M-Pesa users the ability to make cashless payments at Visa’s global network of over 100 million merchants existing across 200 countries.
To activate a virtual card, M-Pesa users can use USSD or the M-Pesa mobile money app. Prior to the introduction of these virtual cards, M-Pesa users only had access to M-Pesa’s network of almost 400,000 merchants.
M-Pesa is one of the biggest mobile money networks in the world. Launched in 2007, it boasts of a user base of 51 million users – 30 million of these people are located in Kenya. M-Pesa is one of Africa’s most popular and recognized fintech product and provides digital banking services thanks to several partnerships it shares with other businesses.
Commenting on the noteworthy development, Visa’s Vice President and General Manager for East Africa, Corine Mbiaketcha, said that “Safaricom has changed how money moves in Kenya. We are pleased to be working together to build new and innovative payments products and services that will help merchants and customers in Sub-Saharan Africa overcome hurdles to global trade. We are thrilled to be collaborating with Safaricom, especially given the current environment where we are seeing a hastened shift away from cash and toward digital payments. We are forging a new path for local payments by combining our large global network and experience with Safaricom’s local know-how and subscriber base.”
Other Safaricom global partnerships include PayPal, AliExpress, and Western Union, enabling customers to receive and send money globally.
Visa may be forging similar partnerships with other businesses and fintechs in Africa. This will go a long way in helping merchants to leverage the endless opportunities existing in Africa. “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,” Visa’s Vice President and General Manager for East Africa, Corine Mbiaketcha said.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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