Safaricom's M-Pesa, Visa offer virtual card for global transactions - Reuters
NANYUKI, Kenya, June 2 (Reuters) - M-Pesa, the mobile phone-based African money transfer service owned by Kenya's Safaricom Plc (SCOM.NR), and Visa Inc (V.N) launched a virtual payment card on Thursday in a bid to capture some of the continent's $40 billion-a-year subscriptions market. The M-Pesa Global Pay Visa Virtual card will allow users to securely pay 100 million foreign merchants like Amazon and Alibaba from their mobile phones, without the need for credit cards or accounts with processors such as PayPal. The virtual card is also targeted at the fast-growing subscriptions markets in Africa for services like Netflix (NFLX.O) and Spotify (SPOT.N), said M-Pesa Africa Managing Director Sitoyo Lopokoiyit. The virtual card is initially available to more than 30 million M-Pesa users in Kenya and will be rolled out to Tanzania, where testing is going on, Mozambique, Congo, Lesotho and Ghana by April 2023, Lopokoiyit said. M-Pesa launched 15 years ago as a simple money transfer s...