mVisa, the new free domestic mobile money transfer in Kenya

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Consumers can use mVisa to send money directly from their bank to a recipient’s bank account regardless of whether they use a smart phone or feature phone.Kenyans will be able to pay, send or receive money domestically without any transaction fees using mVisa.

mVisa, a QR code-bade new mobile-payment service that is intended to accelerate digital commerce in Kenya and across Africa.

Visa first introduced the service last year in India.

Visa made partnership with top banks in Kenya which include;

  • Barclays Bank
  • Cooperative Bank
  • Family Bank
  • KCB Bank
  • National Bank of Kenya
  • NIC Bank
  • Prime Bank
  • Standard Chartered Bank

They’ll be able to send money for free starting from today. Other banks, either live or about to go live with mVisa, include Diamond Trust Bank and Stanbic.

The mVisa takes on M-pesa and Pesalink with free mobile money transfer.

This new initiative by mVisa could hamper such profit margins for some of the already existing sector players, and Visa knows it.

mVisa will now also be accepted at a number of merchant locations across the country through Direct Pay Online and Jambo Pay on their mobile banking. These features are intended to accelerate financial inclusion, a core objective of both the Kenyan government and Visa.

mVisa is now live in Kenya, India, Rwanda and Egypt with plans to launch in Nigeria, Uganda, Tanzania, Ghana, Indonesia, Kazakhstan, Pakistan and Vietnam underway.

Speaking during a client’s event at a Nairobi hotel, ICT cabinet secretary, Joe Mucheru said mVisa mobile First approach is ideal for the country’s ecosystem where mobile penetration is at a staggering 88 percent.

“mVisa customers will be able to make card-less purchases or send and receive money using their mobile phones,” said Mucheru, adding that the burden of carrying several cards and other instruments is no more and that customers will cherish the convenience and freedom of the secure electronic transactions.

“I congratulate Visa for creating this platform and partnering with Kenya’s leading banks and payment facilitators such as Direct Pay Online and JamboPay to enable thousands of merchants to accept mVisa payments.

The CS said he is confident and has faith in the leading international brand Visa partnering with Kenya’s banking sector and the economy at large.

Visa Sub Saharan Country Manager Andrew Tore said smaller merchants in particular have realized that they no longer have to invest in expensive point of sale infrastructure as mVisa gives them the freedom to accept bank to bank payments in a convenient, secure and affordable manner.

“The mVisa implementation in Kenya has benefited from the Visa Developer Platform allowing all partner banks the ability to integrate the mVisa Advanced Pediatric Life Support (APLs) directly into their mobile banking apps speeding up the banks that have been able to roll out the mVisa solution in Kenya,” Tore said.

MVisa also will now be accepted at thousands of merchant locations across the country including Nakumatt, KenolKobil, IMAX Theaters, EatOut, Zucchini, Little Cab, Kenya Airways, and Bata. It will also soon be accepted at thousands of merchants aggregated through Direct Pay Online and Jambo Pay, enabling an even easier e-commerce experience for Kenyans.

Transactions are processed via Visa’s global network, VisaNet, applying the scale, security and reliability of Visa to mobile payments in emerging markets.

Steps for registering on mVisa

  1. Register for mobile banking and download your bank’s mobile banking appor upgrade your existing mobile banking app.
  2. Open the app or access your bank’s USSD platform and select mVisa.
  3. Set an mPIN, if required.
  4. Select your desired Visa card to link

Steps for using mVisa

  1. Open your mobile banking app.
  2. Select mVisa.
  3. Scan the merchant QR.
  4. Enter amount if required. Or, the amount you owe may automatically appear!
  5. Confirm payment.
  6. Receive payment confirmation
  7. For USSD, simply access your bank’s USSD platform, enter merchant ID, amount and pay!