Tag: mpesa

MPesa and Western Union partner to facilitate easier overseas cash remittance

MPesa and Western Union partner to facilitate easier overseas cash remittance

Business, Mobile
In a new deal signed this Tuesday, Safaricom and Western Union have partnered to make cash transfers overseas easier for MPesa users at a cost between a minimum of Sh100 for a transaction of up to Sh5,000 and Sh500 for remitting offshore more than Sh35,000, Safaricom said. The partnership will see the more than 21 million of the globally-acclaimed mobile money service subscribers send a maximum of KES70,000 daily to family, friends and business partners abroad through the 500,000 plus Western Union’s agents in close to 200 countries. Western Union’s regional vice president for Southern, East and Anglophone West Africa Richard Malcom said, “This is real a game-changer, a first one in the world for us,” Mr Malcom said. “Kenyans who have children studying abroad can now send them money
Mobile Money Interoperability to challenge Safaricom’s Dominance of the Telecoms Market

Mobile Money Interoperability to challenge Safaricom’s Dominance of the Telecoms Market

Business
M-Pesa’s position as the leading cash transfers service is set to face a new challenge with the launch of mobile money interoperability, which will see users send and receive money across networks in real time. The communications and banking sector regulators are today set to announce the start of a pilot test of the cross-network service beginning Monday next week, before its full launch to the public later on. The cross-network transfers will be limited to Airtel and Safaricom employees in the pilot phase. “One of the key reasons we need interoperability is to make sure that people are not limited by a closed network, you should be able to send money to anyone on any network and receive money from anyone,” said ICT minister Joe Mucheru in an interview yesterd
Mobile money competition rises with the introduction of Visa payment service

Mobile money competition rises with the introduction of Visa payment service

Technology
Kenya is one of the most attractive markets for mobile money because of the success of Mpesa, launched by Safaricom, which is 40 per cent owned by Vodafone, nine years ago. Visa, the world’s largest payment company, has taken the competition for mobile money service a notch higher with the launch of mVisa that enables Kenyans use mobile phones to transact cash and make payments. The payment service platform has partnered with four banks in Kenya to launch a mobile phone payments platform that will mount the first credible challenge to the country’s dominant Mpesa system. The rollout of the service will enable Kenyans make free domestic mobile money transfers using mVisa. The daily limit for person to person transfers is set to be Sh250,000 with the per transaction limit being
Safaricom goes digital with the launch of M-pesa smart card

Safaricom goes digital with the launch of M-pesa smart card

Technology
Kenya’s largest mobile service provider, Safaricom, has launched the much anticipated M-Pesa payment cards which was unveiled during the announcement of the Safaricom FY Results, 2017. The Safaricom smart card looks more like the Debit and Visa Cards but the functionalities are not the same . The card allows  for payment of services and goods instantly. Dubbed M-Pesa 1 Tap, this payment solution package includes a Wrist band and NFC badge. First launched successfully as a Pilot in Nakuru, M-Pesa 1 Tap will be rolling out country-wide with about 500,000 point of sale (POS) payment points in bars and restaurants, retail shops, fuel stations, among others. This is going to change everything. The M-PESA Card is linked to a user's M-PESA account. Therefore, before using the M-PESA Card
Why Kenyans Rely On Mobile money Services

Why Kenyans Rely On Mobile money Services

Mobile
PAYING for a taxi ride using your mobile phone is easier in Nairobi than it is in New York, thanks to Kenya’s world-leading mobile-money system, M-PESA. Launched in 2007 by Safaricom, the country’s largest mobile-network operator, it is now used by over 17m Kenyans, equivalent to more than two-thirds of the adult population; around 25% of the country’s gross national product flows through it. M-PESA lets people transfer cash using their phones, and is by far the most successful scheme of its type on earth. Why does Kenya lead the world in mobile money? Before we look into the intricacies of this question, it is apparent that the Kenyan economy is deeply integrated with Mpesa services and in extension, our lives in general. In order to assess the depth of this dependence, there is need t