Visa, Equity launch global mobile cash transfer service

Dougie Henderson, head of emerging products and Innovation for Visa in Africa (left) and Julius Kipng’etich, Equity Bank chief operating officer display Equity Visa cards during the launch of mobile money transfer service, Visa Personal Payments. Photo/SALATON NJAU  Nation Media Group

By David Herbling
 

 

In Summary

• The new service will allow Equity Bank Visa card holders to send and receive up to $2,000 (Sh167,000) per international transaction and Sh180,000 ($956) per domestic transaction.

Visa has partnered with Equity Bank to launch a mobile money transfer service dubbed Visa Personal Payments (VPP), which allows users to send money directly from one mobile phone to another.

The California-based payments technology firm becomes the latest entrant to Kenya’s vibrant mobile money industry; currently dominated by Safaricom’s M-Pesa.

The new service will allow Equity Bank Visa card holders to send and receive up to $2,000 (Sh167,000) per international transaction and Sh180,000 ($956) per domestic transaction.

“This service (VPP) will make money transfer a more affordable and secure for our customers,” said Julius Kipng’etich, Equity Bank chief operating officer at the launch on Thursday.

“We shall continue to strengthen our business model through the enhanced use of technology and automation for a better customer experience.”

VPP is available at Equity Bank ATMs, mobile and online platforms and the lender’s customers will receive money at no cost.

Charges for sending money are cheaper compared to mobile money platforms and the transfers are real time.

For example, sending a Sh50,000 domestic transfer will only cost Sh50 while sending a regional transfer for the same amount will cost Sh300.

“The cost of sending money through the service domestically and regionally is tailored to broaden financial access and deepen financial inclusion,” Equity said in a statement.

Dougie Henderson, head of emerging products and Innovation for Visa in Africa said the service can be used to send funds to any participating Visa debit, prepaid or credit card domestically or across Africa as well as overseas.

“Visa’s operations in Africa are firmly based on bringing about innovative products that promote safe and convenient transactions,” said Mr Henderson.

Senders can use VPP to make person-to-person payments, send funds to friends or family members, or make account transfers.