Safaricom Seeks to Bite into Global Payments Market with New Virtual Card

Safaricom CEO Peter Ndegwa

Safaricom has announced that through its mobile money platform, M-PESA, it will start issuing virtual cards that will allow customers make global payments. This service is aimed at complementing the telco’s virtual GlobalPay which enables customers pay for products and services from international companies. For example, the telco will start offering tap-to-pay solutions to customers.

This is after the company received the Payment Card Industry Data Security Standard (PCI DSS) Certification – a worldwide standard of data security for businesses that process card transactions. This certification offers a comprehensive framework to safeguard customer data during transactions.

“With this development, our customers can rest assured that our processes ensure that their data is protected at all times. It also means that our partners can access more innovative and secure solutions for their clientele,” said Peter Ndegwa, Safaricom CEO.

What does this mean?

This accreditation will enable Safaricom to further extend its global payments solutions for its customers. This will see the company offer tap-to-pay solutions to customers and enable merchants to receive on-line and in-person card payments from their merchants.

Important to note, as with MPESA GlobalPay Virtual Visa Card, Safaricom will not be issuing physical cards.

Following the approval, Safaricom aims at being a global payment facilitator for partners such as Google, Uber, Microsoft, among others, the company says. Safaricom adds that this certification will enable the company to create a regional payment switch system while safeguarding customers, merchants and partners’ payment data.

“Safaricom has always been driven by the desire to innovate and provide cutting-edge solutions to our customers. As we navigate the digital landscape, security remains at the heart of everything we do. This certification for M-PESA is a recognition of our dedication to safeguarding the financial transactions of our customers,” said Peter Ndegwa.

The telco adds that it will also extend its card processing capabilities to FinTechs and financial institutions, allowing these institutions to provide end-to-end mobile and card payment solutions.

In addition, Safaricom says it will enhance its API capability on the M-PESA platform to enable developers to provide enhanced services and “expand the portfolio of mobile money services and payment solutions.”