Visa gives Kenya's Safaricom 'missing link' for global payments [Reuters]
Western Union Company (The) (WU)
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Source: Reuters
Visa gives Kenya's Safaricom 'missing link' for global payments NAIROBI (Reuters) - Visa ( V.N ) and Safaricom ( SCOM.NR ) have agreed a deal which will connect the Kenyan telecom operator’s M-Pesa financial services platform with Visa’s global network of merchants and cards. Under the deal, which requires regulatory approval, announced on Thursday by both companies, M-Pesa’s 24 million users and 173,000 local merchants will be linked to Visa’s 61 million merchants and its more than 3 billion cards. “This has been the missing link to integrate M-Pesa into the global payments system,” said a source at Safaricom, which is Kenya’s biggest telecoms operator and is part-owned by South Africa’s Vodacom ( VODJ.J ) and Britain’s Vodafone ( VOD.L ). The mobile phone-based M-Pesa will serve as a virtual card, allowing users to make payments abroad when they travel and also letting them transfer cash from their Visa-linked debit cards to their M-Pesa wallet even when they are abroad, the
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WU
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