Top Kenyan banks KCB and Equity have signed up Mastercard to issue their customers with new generation debit and credit cards in a bid to control Kenya’s lucrative payments solutions market.
This comes across as competition to Visa card which currently controls more than 70 per cent of the plastic money market. The firm will sign big-ticket deals with financial service providers, including banks, supermarkets and cooperative societies, for the supply of new cards that allow cashless transactions dubbed ‘tap and go’.
Visa has however announced plans to introduce its cashless payment solution dubbed payWave which users simply wave the card at a point of sale (PoS) in the country to defend the platform.
Mastercard has also striked the deal in partnership with Equity Bank to process and pay out money to the elderly, persons with severe disabilities, opharns and other vulnerable children under the state- funded sh12 billion welfare scheme known as ‘Inua Jamii’.
“A key focus for us is to jointly develop innovative payment products such as contactless solutions that make it easier for customers to benefit from the safety and security of electronic transactions,” said James Wainaina, Matercard’s vice president and area business head, EA.