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Safaricom, Visa launch M-Pesa global pay virtual card

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Kenyan M-Pesa consumers can now have access to global shopping thanks to Safaricom and Visa launching the GlobalPay Visa virtual card.

The launch of the new M-Pesa Visa virtual card will allow secure cashless payments at merchant locations in over 200 countries through Visa’s global network.

“M-Pesa has over the past fifteen years evolved from a simple money transfer service to become a robust payment platform and driver of financial inclusion for Kenyans. This has paved the way for numerous innovative services, and by partnering with Visa to provide the M-Pesa GlobalPay Visa virtual card, we are looking to bridge the gap for our customers who would like to use M-Pesa anywhere across the world,” said Safaricom CEO Peter Ndegwa in a statement.

“Visa is committed to expanding the payments ecosystem across Africa by opening up the global marketplace for every single consumer. This partnership with Safaricom is an important step in helping to achieve this,” Visa East Africa general manager and vice president Corine Mbiaketcha added.

Safaricom’s core business grows

Safaricom continued the growth trajectory of its core business, with service revenue increasing by 12.3% year-over-year (YoY), to KES281 billion (US$2.4 billion). Mobile data revenue rose 8.1% while voice service revenue ticked up 0.8% YoY.

M-Pesa, which marked its 15th anniversary this year, hit the 30 million active customer mark in Kenya. M-Pesa revenue grew 30.3% to KES107.69 billion (US$927 million).

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*Top image is of Safaricom PLC CEO Peter Ndegwa (Source: Safaricom ).

— Matshepo Sehloho, Associate Editor, Connecting Africa

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