Visa has rolled out its mobile payment solution mVisa in Kenya, as part of its strategy to boost its foothold in the country's mobile payments market.
The firm, which has partnered with Co-Operative Bank, Family Bank, KCB, and NIC Bank for mVisa launch, hopes to break M-Pesa's stranglehold in Kenya.
The new service, which will operate through the use of the Quick Response (QR) code, will enable the banks’ customers to access all of the funds in their bank accounts to pay merchants and people.
In order to complete the payment, the users will have to scan the QR code and enter the PIN.
The mVisa payment app runs on the Visa global network, so transactions can be carried out at virtually any outlet that accepts Visa regardless the currency.
Visa believes that the new service will strengthen financial inclusion among Kenya's 38 million active mobile phones users.
Additionally, the service will be also beneficial for merchants, as they will be able to accept e-payments directly into their bank accounts without the need for POS terminals.