Visa Begins Mobile-Money Service to Rival Safaricom’s M-Pesa
- Four banks including KCB Group sign up for payments phone app
- Company plans to roll out mVisa in Nigeria before year-end
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Visa Inc., the world’s largest payments network, introduced a mobile-phone application to enable cashless transactions in Kenya, where the majority of wireless payments are being done through the nation’s biggest telecommunications company, Safaricom Ltd.
The mVisa app will initially facilitate transactions for people with accounts at four banks, including KCB Group Ltd. and Co-operative Bank of Kenya Ltd., according to Visa Emerging Markets Senior Vice President Uttam Nayak.