National Bank of Kenya is among eight Kenyan financial institutions that have partnered with Visa Inc. to offer mVisa services to its customers.
Other banks include: Barclays Bank, Cooperative Bank, Ecobank, Family Bank, KCB Bank, NIC Bank, Prime Bank, and Standard Chartered Bank.
mVisa is an innovative mobile payments solution that addresses several consumer and merchant needs that will accelerate digital commerce in Kenya and across Africa.
mVisa service will make it easier for bank customers to make card-less purchases, pay bills and send or receive money from family and friends directly from their bank account both locally and internationally. Payments are made by scanning a static Quick Response (QR) Code and entering the amount at a merchant location or a dynamic code that includes the amount. mVisa also allows the option to pay using USSD code.
With mVisa, consumers can directly access all of the funds in their bank accounts to pay merchants (person-to-merchant or P2M) or individuals (person-to-person or P2P). Because the transaction runs through the Visa network, the consumers and merchants do not need to be customers of the same bank or mobile operator. This brings, for the first time in Kenya, a versatile and secure mobile payment solution, powered by Visa and its partner financial institutions.
“National Bank continues to embrace innovation while driving a digital bank agenda as a way of increasing efficiency in service delivery and driving financial inclusion. We are therefore excited over this unique solution, which offers versatility to our customers,” said Mr. Wilfred Musau, Managing Director and CEO National Bank.
National bank implemented a new mobile banking system in May 2014. The solution dubbed NatMobile, has enabled the bank to deliver banking services more conveniently to its customers while opening up new revenue streams. The bank has expanded its mobile banking platform to include the new mobile banking app service as a way to hand customers smarter ways to access financial services.