A partnership between Visa and nine local banks will enable customers make free domestic mobile money transfers using mVisa, as the global payment technology firm targets a piece of the market.
The deal announced on Friday offers free person-to-person transactions intended to accelerate digital commerce in Kenya and displace cash transactions.
The nine banks that have either enabled mVisa on their mobile banking applications or have acquired merchants who accept mVisa include Barclays Bank #ticker:BBK, Cooperative Bank #ticker:COOP, Ecobank, Family Bank, KCB Group #ticker:KCB, National Bank of Kenya #ticker:NBK, NIC Bank #ticker:NIC, Prime Bank and Standard Chartered Bank #ticker:SCBK.
Visa East Africa general manager Sunny Walia said Diamond Trust Bank #ticker:DTK and Stanbic Bank #ticker:CFC were in the process of joining the list of mVisa-enabled banks.
“There is a lot of cash that needs to be displaced and there is a lot of room for a number of players to actually help in terms of displacing that cash into electronic payment systems,” said Mr Walia.
Other electronic payment systems are Safaricom’s #ticker:SCOM M-Pesa and Kenya Bankers Association’s PesaLink.