Wednesday, May 3, 2017
The innovation to be first launched in Nakuru will allow customers to merely tap, enter pin and pay at points of sale in shops, restaurants, supermarkets, petrol stations, bars and so on.
Banks that have been slow to issue card swiping machines to businesses will likely have to change strategy as Safaricom moves to tighten its grip on the payments industry especially with small merchants.
With Equity Bank and KCB refusing to play ball with Pesalink, the Kenya banking industry's payment switch, the technology has seen slow uptake giving Safaricom time to innovate and move to neutralize the threat.
The new payment option will use Near Field Communication to link the customer to the merchant's till.
The Lipa na MPESA service where the customer pays to a business using MPESA has been among the fastest growing segments of the payment service recording a 73 per cent rise in the six months to November 30, 2016.