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M-PESA and Visa Revolutionize Payments in Kenya: 50 Million to Receive Debit Cards 💳 🇰🇪
📌 Key Points:
- M-PESA and Visa partner to launch physical debit cards, a significant departure from their virtual GlobalPay offering.
- Previously limited to online transactions, the move targets Kenya's cash-reliant retail market, marking a transformative shift for M-PESA.
- With only 6.35% of Kenyans having credit cards and 22% holding debit cards, M-PESA's 97% market share presents an opportunity to bridge the gap in physical payments.
- The collaboration enhances Visa's foothold in Africa, leveraging M-PESA's extensive user base and integration into Kenyan daily life.
- The physical cards will facilitate transactions across the eight countries where M-PESA operates, offering solutions for subscription payments and overcoming the limitations of virtual cards.
📈 Impact: M-PESA's foray into physical debit cards is poised to reshape Kenya's financial landscape, providing a seamless transition from digital dominance to the cash-centric retail market. The partnership underscores the evolving dynamics of digital payments in Africa, with Visa gaining a strategic ally in its expansion efforts.
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