May 23, 2013

Visa Unveils Real-time Person–to–Person Money Transfer Service in Kenya

Visa has partnered with Equity Bank today to launch Visa Personal Payments (VPP) in Kenya.

Visa Personal Payments is a convenient, cost-effective and secure way for consumers to send funds directly to recipients with Visa cards, both domestically and internationally. Senders can use Visa Personal Payments to make person-to-person payments, send funds to friends or family members or make account transfers.

Equity Bank customers will be able to send money domestically, and within Africa, to any eligible Visa card via Equity Bank’s ATMs. To make a transfer; consumers need only the recipient’s 16-digit Visa card number. Transfers are securely processed over the Visa network to the eligible Visa card, and the funds can be used at more than 29 million merchants and 1.6 million Visa branded ATM’s around the world.

The service in Kenya will also give Equity Bank Visa cardholders the ability to receive funds at no cost, almost instantaneously, from any participating financial institution originating Visa Personal Payments without the need to visit a branch or agent location.

Equity Bank is also planning to integrate Visa Personal Payments into their mobile and internet banking channels in the near future.

Read more on Equity Bank's website.