Safaricom has made a big step in the world of financial technology. They’ve just announced that they’ve met the Payment Card Industry Data Security Standard (PCI DSS), a crucial security compliance. This achievement is part of their expanded partnership with Visa, a major player in digital payments. The goal is to upgrade M-PESA, Safaricom’s mobile money service, by adding card issuing and acquiring features.
Last year, Safaricom and Visa worked together to bring Virtual Cards into the M-Pesa Super App. These virtual cards, linked to M-Pesa wallets, changed online transactions by making it easier to pay for things like Netflix and shopping online. People found them convenient and secure for different online purchases that accept cards.
Now, Safaricom’s latest update takes their collaboration with Visa further. They’re introducing physical M-Pesa cards connected to M-Pesa accounts. This means users can use these cards globally, making M-Pesa more widely usable around the world.
This big upgrade allows M-PESA to become a Payment Service Provider (PSP), expanding its role from just a mobile money service. This change will redefine what M-PESA can do and how far it can reach.
This news arrives as M-Pesa also gets ready to introduce repeat payments using standing orders.
In a Twitter (now X) Thread, M-Pesa Africa highlighted their commitment to changing lives through innovative payment solutions. Being PCI DSS compliant is a significant step in this journey. This compliance allows M-PESA to offer tap-to-pay card payments, giving more payment choices to over 60 million customers, 5 million businesses, and 100,000 developers in its system.
This move lets users worldwide receive mobile payments both online and in-person. Additionally, tourists in the eight M-PESA markets can link their Visa card with M-PESA for smooth transactions at nearly one million businesses.
This development benefits FinTechs and financial institutions. They can use M-PESA’s card processing abilities to offer complete mobile and card payment solutions. The partnership between Safaricom’s M-PESA and Visa, which began with virtual payment cards, is reaching new heights. It’s integrating over 60 million customers and 925,000 merchants across different markets into the global financial system.
