Mvisa shakes the money transfer market, while posing stiff competition to M-Pesa and other money transfer platforms

Visa is set to shake the versatile cash exchange benefit showcase in the wake of reporting that Kenyans will now have the capacity to send cash to each other locally without paying exchange charges through the recently launched partnership (July, 2017) between mVisa and commercial banks.

The activity is probably going to posture hardened rivalry to Safaricom's M-Pesa, Airtel's Airtelmoney and Equity Bank's Equitel, among different players in the section, by giving free individual to-individual (P2P) exchanges and has on board nine Kenyan banks who have either empowered mVisa on their versatile keeping money applications and additionally have gained dealers to have the capacity to acknowledge mVisa.

Barclays Bank, Cooperative Bank, Ecobank, Family Bank, KCB Bank, National Bank of Kenya, NIC Bank, Prime Bank, and Standard Chartered Bank customers with mVisa will be able enjoy this service. For example, customers of Cooperative Bank can get mVisa by updating their MCo-op cash phone apps or those without MCo-op cash can get it by dialing USSD *667# on their phones and this will bring up mVisa which they can send to any other mVisa users and pay for products and ventures at no additional cost.

Visa's service is now available for both smart phones and feature phones, with a potential of providing a mobile payment service to nearly all active mobile phone users in Kenya. Consumers can also use mVisa agents for domestic remittances as well as to access their cash if there is no ATM machine nearby. These features are intended to accelerate financial inclusion, a core objective of both the Kenyan government and Visa This is likewise in accordance with Visa's 2015 sense of duty regarding the World Bank to bring the advantages of Visa and electronic installments to 500 million more individuals comprehensively before the finish of 2020.



How to Register, Use, Pay and Transfer Money Online, Merchants

Mvisa is a payment option that allows users to make mobile payments online through scanning a unique QR codes. This enables cash to move from the purchaser to the venders account at no additional cost. Its usefulness is practically like that of Bitcoins.

 

Steps for registering with mVisa

 

  • Register for mobile banking and download your bank’s mobile banking app or upgrade your existing mobile banking app (Banks offering Mvisa transactions are listed below)

  • Open the app and select mVisa.

  • Set an mPIN

  • Select your desired Visa card to link

 

NOTE: For merchants, just register and display your Qr code. Clients will just scan the QR code and charges for your product/services are deducted from your client’s account.

Steps for using mVisa for mobile payments

  • Open your mobile banking app.

  • Select mVisa.

  • Scan the merchant QRCode.

  • Enter sum

  • Confirm payment.

  • Receive payment confirmation

 

How to pay Bills online with Mvisa

  • Spot the mVisa acceptance mark and the QR code on the check-out/ billing page when you are prepared for your purchase.

  • Scan this QR code or type in the numeric merchant ID.

  • You will either need to enter the payable amount or scanning the QR code will automatically display the payable amount.

  • Authenticate the payment with your mPIN (passcode) and confirm the transaction.

  • Get the transaction confirmation instantly.

  • Or, access your bank’s USSD platform, enter the merchant ID, enter the amount to be paid and make the payment

 

How to start accepting mVisa payments for your business

  • To accept mVisa payments for your business, register for mVisa by contacting your bank. You will be assigned an mVisa merchant ID number to you and generate your mVisa QR code. Both pieces of information should be displayed along with your merchant name on your mVisa merchant information panel for consumers to make payments to you.

  • In order to make customers know that you accept payments through mVisa, display the mVisa welcome sign.

Banks that offer mVisa transaction services

  • Co-Operative Bank

  • Family Bank

  • KCB Bank

  • National Bank

  • NIC Bank

  • Prime Bank

Benefits of using mvisa

  • Payments go straight to your bank account: Unlike Mpesa transactions where you are charged multiple times to make transactions to banks, with Mvisa there are no extra steps required to transfer money to a bank account.

  • Quick transfer of cash. Once you scan the code, money is instantly transferred.

Mvisa Contacts

 


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