Local mVisa transaction fees have been scrapped off following a statement from Visa Group Country Manager Andrew Torre.
This follows a partnership by Visa and nine Kenyan banks who will offer free person-to-person transactions.
The nine banks include Barclays Bank, Cooperative Bank, Ecobank, Family Bank, KCB Bank, National Bank of Kenya, NIC Bank, Prime Bank, and Standard Chartered Bank.
The transactions can be done through the banks mobile banking applications or through acquired merchants able to accept mVisa.
Other banks expected to go live with mVisa, include Diamond Trust Bank and Stanbic.
“This is a significant move especially when you consider how much Kenyans spend on transaction fees for mobile money transfers every year. With KES 38.9 million active mobile phone subscriptions and KES 515.9 billion1 in person-to-person money transfers within the last quarter of 2016, mobile money payments have become an integral part of Kenyans’ lives,” Torre said.
The free transaction is compatible with a Smartphone and a feature one.
The free transfer will also be rolled out to merchants aggregated through Direct Pay Online and Jambo Pay to enhance Direct Pay Online and Jambo Pay, enabling an even easier eCommerce experience for Kenyans.
The mobile payment transfer will also be accepted at Nakumatt, KenolKobil, IMAX Theaters, EatOut, Zucchini, Little Cab, Kenya Airways and Bata.
The mVisa implementation in Kenya benefited from the Visa Developer Platform, which allowed all partner banks the ability to integrate the mVisa APIs directly into their mobile banking.
How to register on mVisa
- Register for mobile banking and download your bank’s mobile banking app or upgrade your existing mobile banking app.
- Open the app or access your bank’s USSD platform and select mVisa.
- Set an mPIN, if required.
- Select your desired Visa card to link.
How to use mVisa
- Open your mobile banking app.
- Select mVisa.
- Scan the merchant QR.
- Enter amount if required. Or, the amount you owe may automatically appear!
- Confirm payment.
- Receive payment confirmation
- For USSD, simply access your bank’s USSD platform, enter merchant ID, amount and pay!