Two of the world’s biggest names in digital payments have announced major agreements in significant African markets: Visa in Egypt with operator Orange Egypt and Mastercard in Kenya with digital payment solution provider PesaLink.
Orange Egypt has signed an exclusive agreement with Visa to provide a suite of advanced, unique and exclusive digital payment solutions through virtual and physical bank cards. Orange Cash customers will be able to conduct online and in-store purchasing transactions using Visa’s various payment services whether domestically or internationally.
Daily News Egypt explains that the agreement will enable customers to use Visa’s global network to execute all financial transactions from the mobile-based Orange Cash wallet. It will also expand the QR code service to help merchants accept payments from the digital wallet.
The agreement includes what are called ‘unique products’ from Visa that grant premium benefits to customers of the Orange Premier postpaid tariff.
This isn’t just good news for Orange Egypt customers. Both companies have been keen to emphasise that such a deal also supports Egypt’s moves towards a cashless economy.
Meanwhile, in Kenya, an MoU with Mastercard will mean PesaLink can leverage Mastercard’s technology, expertise, partnerships, and cyber intelligence solutions to diversify its payment capability beyond person-to-person payments.
Kenyan News says that Mastercard will specifically collaborate with PesaLink to expand its services to include a direct-to-consumer digital proposition (apps, USSD or web-based for example), agent banking and solutions for business and government payments, collections and disbursements, both face to face and remote.
Mastercard will also provide advisory and technical support to advance PesaLink’s digital-first strategy in accordance with local and global best practices.
PesaLink is described as a real-time 24-hour digital payment solution that allows for bank-to-bank transfers at a low cost via such cashless methods as online banking, mobile apps and USSD mobile banking.
It was established by the Kenya Bankers Association and today consists of 31 banks in the country. It is also used by many payment service providers, Savings and Credit Cooperative Organization (SACCOs), and telecommunication companies.