Safaricom’s M-PESA finally debuts its debit card system to bolster its digital payment services in Kenya and across the African FinTech landscape. The M-PESA debit card is digitally integrated with Visa’s FinTech platform that secures both local and international payment transactions. This also serves as a lucrative business partnership between M-PESA, Visa, and Safaricom to further corporate-inclined business expansion posed as GlobalPay remittance solutions.
M-PESA users have anticipated one of Safaricom’s decisions about its subsequent FinTech products to yield a virtual card system for seamless payment services. The M-PESA payment network is dominant in the Kenyan FinTech marketplace and the EMEA region — although Safaricom’s M-PESA recently gained a license to run a digital payment business full-time in Ethiopia.
M-PESA has reportedly completed millions of transactions in its existing marketplace per its flagship FinTech products including M-PESA and subsequent FinTech products such as Fuliza, KCB M-PESA, and M-Shwari (digital loan accessible to cash overdrafts). M-PESA also offers other FinTech products such as sending and receiving cash, bill payments, and other FinTech-related services.
It’s worth noting that M-PESA digital payment services rival International payments service providers. International digital payment providers have reportedly discriminated against African users of their payments platforms thereby practicing unethical seizure of processed funds.
Safaricom CEO, Peter Ndegwa confirmed the disguised partnership with Visa to produce the GlobalPay remittance solutions. Ndegwa’s statements revealed several other investors have “offered support from both regulators and partners. M-PESA is working together to deliver innovative products in a new year such as Visa Virtual Card by M-PESA GlobalPay to support international online payments.”
M-PESA’s chief executive believes FinTech products will lead the African digital innovation in the continental economy via GlobalPay. The M-PESA mobile app has experienced more than five million app downloads — this places the Safaricom FinTech-focused platform to be an East African titan FinTech services provider.
Safaricom’s M-PESA has reportedly served the Kenyan FinTech marketplace for more than a decade — .M-PESA’s previous report about gaining a stance in the Ethiopian FinTech marketplace as a foreign investor revealed M-PESA has millions of active users sending and receiving cash and other FinTech-related services.