Businesses can now accept payments from Telkom Kenya’s mobile finance product, T-Kash. The development will augment Lipa Na M-PESA services that were launched by Safaricom in collaboration with Kopo Kopo, a local payments firm.
Kopo Kopo’s payments platform has been adopted by thousands of small and medium-sized businesses in Kenya. Its collaboration with Safaricom continues to be successful in pushing businesses to accept digital payments, and in its near 5 years of operations, the Lipa Na M-PESA/Buy Goods service has grown to an essential business tool.
T-Kash was launched a couple of months ago to take the place of Orange Money after the telco rebranded its entire business. The financial product lauds itself for taking a different approach in offerings its services via T-Kash codes, unlike conventional approaches that use pay bill, till and agent numbers for basic payments and cash deposit/withdrawal functions.
As of October 2018, T-Kash had transacted KES 50 million in cash deposits. It still has the potential to grow as the carrier’s customer base grows. What’s more, T-Kash launched at a time when the market was undergoing rapid transformations that allowed mobile money interoperability across mobile money wallets. To this end, T-Kash and M-PESA signed an integration agreement that lowered transaction fees significantly.
Additional details regarding the onboarding process for businesses and extra T-Kash incentives can be accessed on Kopo Kopo’s website. Also, the firm has an Android app for businesses to manage their accounts.
