Visa plots Kenyan payments rival to Mpesa

In an effort to facilitate wireless payments in Kenya, Visa, Inc. (V – Free Report) , a leader in global payments, has introduced the mobile-phone application called mVisa.

This app has been introduced to enable Kenyans to make wireless payments through their hand held. To date, the lion’s share of wireless payments are made by Kenya’s largest telecommunication company Safaricom Ltd.

The mVisa app will initially facilitate transactions made by those holding accounts in four banks, two of which are KCB Group Ltd. and Co-operative Bank of Kenya Ltd.

The key feature of this mobile app is that it is inter-operable, freeing it from its dependence on a bank or a mobile operator.READ MORE