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Kenya: Safaricom and Visa launch a virtual card

Safaricom and Visa's partnership begins to yield results as they roll out a virtual card that would allow users to make payments on the M-Pesa's network

In a mission to expand its territorial prominence and become globally accepted, Kenya's Safaricom and global payment giants Visa have launched  M-Pesa GlobalPay virtual Card. This achievement is a product of a partnership agreement between both parties signed in 2020. This virtual card would make it easy for M-Pesa registered users to make payments on global platforms and promote Visa's penetration into Africa.

Source: Kenyan WallStreet

M-Pesa's network has a partnership that allows over 50 Million active users to pay and receive payments in over 100 countries. However, the M-Pesa GlobalPay virtual card will aim to raise the scope of operations for both Safaricom and Visa. For users, the virtual card will enable secure payments of goods and services on many offshore platforms like Alibaba and Amazon. With a single transaction threshold of over $1000 which is about 150,000 shillings, users will have sufficient to make M-Pesa their payment choice even on trips across the world.

In 2007, Safaricom launched a simple payment platform in Kenya called M-Pesa, today that payment solution stands as Africa's largest mobile money platform. The launch of the GlobalPay virtual card will help Africa overcome global trade challenges and make M-Pesa competitors to payment giants like Stripe, Apple Pay, and Google Pay. Safaricom will hope to win the hearts of both regional and global users as their daily choice payment solution.

Kenya in focus:

Population: 53.77 million in 2020 as compared to 52.57 million in 2019

GDP: $98.84 billion compared to $95.5 billion in 2019

GDP per capita: $1,838 in 2020 compared to $1,816 in 2019