Family Bank Launches a New Mobile Payment Service

Family Bank customers can now pay for goods and services directly from their accounts following the rolling out of a new mobile based payment serviced that has been dubbed mVisa. This service is meant to allow customers to pay for goods and services directly from their accounts to the merchants’ bank account, free of charge.

The service came up after Family Bank partnered with the international electronic payments company Visa and they developed the application, which connects the accounts and ATM cards of customers with their mobile phones. Through the new service, customers will be able to make payments for goods and services either face to face or remotely.

The new service will also enable them to send and receive funds from other Visa account holders worldwide as well as withdraw and deposit cash to and from their account at mVisa agent outlets.

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The bank’ customers who have the PesaPap and mVisa applications will pay for goods and services by swiping their mobile phones at point-of-sale terminals of registered businesses. Already 1,000 merchants on mVisa have already been registered and are enjoying the services.

Family Bank aims to make the mVisa payment option available at small and medium enterprises to make it convenient for its customers to pay for goods and services that they need on a daily basis.

To place a purchase on the mVisa application, a user has to key in the merchant’s ID or scan the QR code displayed at the merchant location using the mobile app. The bank launched the service at Ashley’s Executive Barbershop along Kimathi Street.

Transactions via mVisa are deemed more secure since they are initiated by customers who enter their details, reducing chances of fraud. The payment platform targets all Kenyans with both smart phones and basic mobile phone who can access it using a USSD code, giving the lender a wider customer base.

The platform eliminates the use of a point of sale device which is expensive to a majority of SMEs, costing Sh50,000, while mVisa only requires a mobile phone. Kenya Power plans to use mVisa to enable its millions of pre-paid meter customers pay for their bills using the application.

Article by Vera Shawiza.