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Alternative Payment Methods (APMs) for Online Transactions

‍‍In the past decade, the world of online payments has witnessed a significant transformation. With the rise of e-commerce and the increasing preference for mobile shopping, customers now have more choices than ever when it comes to payment methods. This shift has led to the emergence of alternative payment methods (APMs) that offer customers greater convenience and flexibility. In this article, we will explore the different types of APMs, their popularity across the globe, the benefits of accepting these methods for businesses, and how to choose the best APMs for your business.

Understanding Alternative Payment Methods

Alternative payment methods refer to any form of payment that does not involve cash or traditional credit card systems like Visa, Mastercard, or American Express. These methods include domestic cards, digital wallets, bank transfers, prepaid cards, and more. Unlike traditional payment methods, APMs offer unique advantages such as enhanced security, faster processing times, and ease of use. They have become particularly popular for online transactions, with many countries seeing a significant shift towards APM usage.

Types of Alternative Payment Methods

Prepaid cards: Prepaid cards are loaded with funds by consumers and can be used for purchases until the balance is depleted. They are not directly linked to a bank account and are a popular choice for individuals who want to control their spending.

Cash-based payments: Cash-based payment methods allow customers to generate a barcode or unique reference number for their payment and then complete the transaction by paying in cash at a participating retail location. This method is particularly popular in regions with a large unbanked population.

Real-time bank transfers: Real-time bank transfers enable customers to make online payments directly from their bank accounts. This method offers instant settlement and minimal friction for customers, making it a convenient choice for many.

Direct Debit: Direct debit allows merchants to pull funds directly from customers' bank accounts for recurring payments. This method is commonly used for subscription-based services and offers a seamless and automated payment experience.

Domestic card schemes: Domestic card schemes operate similarly to global card schemes but are limited to specific markets. These schemes cater to the unique needs of consumers in their respective markets and often provide lower processing costs for merchants.

Electronic wallets (e-wallets): E-wallets allow customers to store funds digitally and use them for various transactions, both online and offline. They offer convenience, security, and often provide additional features like peer-to-peer transfers and cross-border payments.

Mobile wallets: Mobile wallets are digital wallets that are specifically designed to be used on mobile devices. Customers can load funds into their mobile wallets through various methods and make payments conveniently through their smartphones.

Digital wallets: Digital wallets are used to store payment card information securely and generate tokenized card numbers for each transaction. They offer a convenient and secure way to shop online without the need to enter card details repeatedly.

Buy now, pay later (BNPL): BNPL services allow customers to defer payments or split the cost of a purchase into installments. This method is gaining popularity for its flexibility and convenience, particularly for high-value purchases.

Cryptocurrencies and stablecoins: Cryptocurrencies like Bitcoin have gained attention in recent years, offering an alternative form of payment. Stablecoins, which are cryptocurrencies linked to fiat currencies or government bonds, aim to reduce volatility and make transactions easier.

Popular APMs Worldwide

The popularity of APMs varies across different regions and countries. Here are some notable trends:

North America

In North America, digital wallets have become the most popular payment method, surpassing credit and debit cards. Apple Pay and Google Pay are widely used, while services like PayPal and Venmo are gaining traction among the younger generation. APMs account for a significant portion of e-commerce transactions in the region.

South America

APMs are gaining ground in South America, with a projected increase in their usage for digital commerce transactions. Credit cards still dominate, but alternative online payment solutions, such as e-cash methods, are becoming more widespread. Cash on delivery is also popular, especially in countries with a large unbanked population.

Europe

In Europe, digital wallets have surpassed credit and debit cards as the preferred online payment method. Domestic debit cards, like Bancontact in Belgium and Cartes Bancaires in France, are popular alongside global card schemes. Bank transfer methods, such as iDEAL in the Netherlands and Przelewy24 in Poland, are also preferred by a significant number of consumers.

Africa

In Africa, mobile wallets have gained popularity due to the lack of bank branch infrastructure and a large rural population. Cash on delivery remains the preferred method, especially in Nigeria and South Africa. Digital wallets are also seeing growth, particularly in Kenya and Nigeria.

Middle East

Cash has traditionally been the dominant payment method in the Middle East. However, the region is experiencing a shift towards mobile wallets due to increased smartphone penetration and concerns over the transmission of cash during the pandemic. Mobile wallet adoption is supported by the expansion of international brands and government-backed payment networks.

Asia Pacific

China has its own domestic card scheme, UnionPay, which accounts for a significant portion of global card spending. Mobile payments, particularly through Alipay and WeChat Pay, are widely used in China. Other countries in the region, such as Singapore, Indonesia, and Thailand, have their own popular alternative payment methods, including GrabPay and OVO Wallet.

The Benefits of Accepting APMs for Businesses

Not accepting customers' preferred payment methods can have a negative impact on conversion rates and lead to shopping cart abandonment. Research shows that a significant percentage of consumers are deterred from completing a purchase if their preferred payment method is not available. By accepting a variety of APMs, businesses can improve customer satisfaction, increase conversion rates, and stay ahead of their competitors.

APMs offer several benefits for businesses:

Increased conversion rates: By offering a wide range of payment methods, businesses can cater to the preferences of different customer segments, leading to higher conversion rates and reduced shopping cart abandonment.

Improved customer experience: APMs provide convenience and flexibility for customers, allowing them to choose the payment method that suits their needs and preferences. This enhances the overall customer experience and fosters loyalty.

Expanded customer base: Accepting popular local and global APMs enables businesses to reach a wider customer base, including those who prefer alternative payment methods over traditional options.

Reduced fraud and chargebacks: Many APMs incorporate advanced security features, such as biometric authentication and tokenization, which help reduce the risk of fraud and chargebacks for businesses.

Access to valuable insights: APM providers often offer detailed transaction data and analytics, providing businesses with valuable insights into consumer behavior and preferences. This data can be leveraged to optimize marketing strategies and improve customer targeting.

Choosing the Best APMs for Your Business

Selecting the right APMs for your business requires a thorough understanding of your target market, customer preferences, and business requirements. Here are some steps to guide you in choosing the best APMs:

Research customer preferences: Conduct market research to identify the most popular payment methods among your target audience. Consider factors such as geography, demographics, and shopping habits to determine the most relevant APMs for your business.

Evaluate business needs: Assess your business requirements, including cost per transaction, setup and management complexity, regulatory compliance, and compatibility with your existing payment infrastructure. Choose APMs that align with your business goals and objectives.

Partner with the right providers: Work with payment service providers that offer comprehensive coverage of the APMs you wish to integrate. Ensure they have the necessary capabilities to support your business's growth and adapt to evolving customer preferences.

Test and optimize: Implement APMs in a phased approach and continuously monitor their performance. Analyze transaction data and customer feedback to identify any pain points or areas for improvement. Regularly optimize your APM strategy to maximize conversions and customer satisfaction.

By embracing the growing trend of APMs and selecting the right mix of payment methods for your business, you can enhance the payment experience for your customers and drive growth in your online sales.

Conclusion

Alternative payment methods have revolutionized the world of online transactions, offering customers greater convenience and flexibility. From digital wallets and mobile payments to real-time bank transfers and buy now, pay later services, APMs cater to a wide range of customer preferences. Businesses that embrace APMs can benefit from increased conversion rates, improved customer experience, and access to valuable insights. By understanding customer preferences, evaluating business needs, and partnering with the right providers, businesses can choose the best APMs to drive growth and success in the digital marketplace. Stay ahead of the competition by embracing the changing landscape of online payments and offering customers the payment methods they prefer.

[allthebrazilianpolitics]

WhatsApp payments to be tested in Brazil ahead of wider roll-out

Brazil's central bank has approved Meta Platforms' payments launch for small and medium-sized business.

Brazil’s central bank on Thursday approved Meta Platforms’ payments launch for small and medium-sized business in Brazil via its messaging application WhatsApp, building on the app’s existing local peer-to-peer payment system.

The approval comes as Meta seeks to use the Brazilian market as a key test space for business messaging, an area that has assumed greater urgency as Meta’s core advertising business has stalled.

WhatsApp users in Brazil have been able to make payments between users through the application since 2021, but the new development clears the way for merchants to receive payments.

“Soon, WhatsApp users will be able to pay for products and services directly in a conversation with Mastercard and Visa debit and credit cards,” Guilherme Horn, head of WhatsApp Latin America, said in a Linkedin post.

Continue reading.

[impact-newswire]

Safaricom and Mastercard Partner to Expand Remittances and Payment Acceptance to over 636,000 Merchants in Kenya

(L-R Back): Shehryar Ali, SVP and Country Manager for East Africa & Indian Ocean Islands at Mastercard; Lenin Oyuga, Head of Telco Commercial and Partnerships, Middle East and Africa (MEA) at Mastercard; Aliya Khanbhai, Tribe Lead for Next Financial Services Wealth and Insurance at Safaricom Plc; and Victor Odada, Head of M-Pesa Payments at Safaricom Plc. (L-R Front): Amnah Ajmal, Executive Vice…

[isocertificationinfrance]

PCI DSS Certification in Bangalore: A Comprehensive Guide

As the digital economy grows, securing financial transactions has become paramount for businesses, particularly those that handle payment card information. In this context, the Payment Card Industry Data Security Standard (PCI DSS) is a critical framework. PCI DSS Certification in Bangalore ensures that organizations manage cardholder data securely and maintain robust information security standards. For companies in Bangalore, a key IT hub in India, PCI DSS certification is essential to building trust with customers and ensuring compliance with global data protection standards.

What is PCI DSS Certification?

PCI DSS (Payment Card Industry Data Security Standard) is a set of security standards designed to safeguard card information during and after financial transactions. The standard was developed by major credit card companies like Visa, Mastercard, American Express, Discover, and JCB International to help businesses process, store, and transmit credit card data in a secure environment.

The certification is required for any organization that deals with cardholder data, including merchants, payment processors, and service providers. It is not just a one-time achievement but a continuous process of maintaining compliance with rigorous security protocols.

Importance of PCI DSS Certification

Data SecurityOne of the primary reasons to pursue PCI DSS Implementation in Bangalore is to secure customer card information. The guidelines set by PCI DSS ensure that businesses implement effective security controls to prevent data breaches. For companies in Bangalore, where the technology sector thrives, securing payment data is crucial to maintaining consumer confidence.

Legal and Regulatory ComplianceIn many countries, non-compliance with data security standards can result in hefty fines and penalties. While India does not yet have stringent laws around payment data protection, the importance of global standards like PCI DSS is rising. Achieving PCI DSS certification can help companies in Bangalore comply with both national and international data protection laws.

Reputation and TrustIn today’s digital economy, customers are more aware of security issues. A PCI DSS-certified company sends a clear message to its clients and partners that it takes data protection seriously. This not only boosts the company’s reputation but also fosters trust, which is crucial for business sustainability in competitive markets like Bangalore.

Reducing Financial LiabilityNon-compliance with PCI DSS can lead to financial liabilities, including penalties imposed by credit card brands, increased transaction fees, and losses associated with data breaches. By obtaining PCI DSS certification, businesses in Bangalore can mitigate these risks and protect themselves from potential financial repercussions.

Who Needs PCI DSS Certification in Bangalore?

In Bangalore, businesses that process credit card transactions, whether online or offline, must comply with PCI DSS standards. These include:

Merchants: Any company that accepts credit card payments, whether in-store or online, must comply with PCI DSS in Bangalore.

Payment Processors: Companies that handle payment processing on behalf of merchants.

Third-party Service Providers: Businesses that store, process, or transmit cardholder data on behalf of another entity.

Startups, e-commerce platforms, and financial institutions in Bangalore must align themselves with PCI DSS to ensure the secure handling of sensitive financial data.

PCI DSS Requirements

PCI DSS compliance involves adhering to 12 specific requirements, which fall into six main objectives:

Build and Maintain a Secure Network and Systems

Install and maintain a firewall configuration to protect cardholder data.

Do not use vendor-supplied defaults for system passwords and other security parameters.

Protect Cardholder Data

Protect stored cardholder data.

Encrypt transmission of cardholder data across open, public networks.

Maintain a Vulnerability Management Program

Protect all systems against malware and regularly update anti-virus software.

Develop and maintain secure systems and applications.

Implement Strong Access Control Measures

Restrict access to cardholder data to only those whose job requires it.

Assign a unique ID to each person with computer access.

Restrict physical access to cardholder data.

Regularly Monitor and Test Networks

Track and monitor all access to network resources and cardholder data.

Regularly test security systems and processes.

Maintain an Information Security Policy

Maintain a policy that addresses information security for all personnel.

Steps to Achieve PCI DSS Certification in Bangalore

Understanding the PCI DSS RequirementsThe first step toward PCI DSS certification is understanding the specific requirements your organization must meet. The standard applies differently depending on the level of business, categorized by the number of annual card transactions.

Gap AnalysisConduct a gap analysis to determine where your organization currently stands in relation to the PCI DSS requirements. This helps identify areas where your security systems and practices are not up to standard.

ImplementationBased on the gap analysis, implement the necessary security measures and controls. This could involve upgrading firewalls, encrypting data transmissions, or strengthening access control measures.

Self-Assessment or Third-party AuditDepending on the size of your business, you may be required to conduct a self-assessment or undergo an PCI DSS Audit in Bangalore. Smaller merchants can often complete a Self-Assessment Questionnaire (SAQ), while larger organizations will need to undergo an audit by a Qualified Security Assessor (QSA).

Submit Attestation of Compliance (AOC)Once the audit or self-assessment is complete, submit your Attestation of Compliance (AOC) to the acquiring bank or credit card brand.

Ongoing CompliancePCI DSS compliance is not a one-time activity. Organizations must continue to monitor, assess, and update their security practices to remain compliant with the latest standards.

Benefits of PCI DSS Certification for Businesses in Bangalore

Enhanced Data SecurityPCI DSS ensures a higher level of data security, minimizing the risk of data breaches and financial fraud. In Bangalore’s tech-driven economy, safeguarding cardholder information is vital.

Global Market AccessPCI DSS certification enables businesses to align with global security standards, allowing them to operate seamlessly in international markets.

Reduced Risk of Financial PenaltiesBy adhering to PCI DSS standards, businesses reduce the risk of facing penalties from credit card companies in the event of a data breach or non-compliance.

Improved Customer ConfidenceCustomers trust organizations that prioritize the protection of their data. PCI DSS certification reassures clients that their sensitive information is being handled securely.

The Leading PCI DSS Certification Expert for Your Company:PCI DSS (Payment Card Industry Data Security Standard) Certification is a crucial compliance requirement for businesses handling cardholder data. It ensures the secure processing, storage, and transmission of credit card information. By achieving PCI DSS Consultants in Bangalore organizations can reduce the risk of data breaches and demonstrate a commitment to protecting sensitive customer data. B2BCERT provides tailored services to help businesses achieve PCI DSS compliance, guiding them through the certification process efficiently and effectively.

[companyknowledgenews]

Safaricom, Mastercard to expand remittances and payment acceptance to over 636,000 merchants in Kenya - Journal Today Internet https://www.merchant-business.com/safaricom-mastercard-to-expand-remittances-and-payment-acceptance-to-over-636000-merchants-in-kenya/?feed_id=205278&_unique_id=66ecc7ef81bc3 #GLOBAL - BLOGGER BLOGGER Safaricom and Mastercard have signed a partnership to accelerate the adoption of payment acceptance and cross-border remittance services in Kenya.This collaboration is set to benefit over 636,000 merchants using M-PESA, Safaricom’s leading mobile money service.Kenya’s payment acceptance market continues to grow, with mobile wallet payments driven by M-PESA showing a 12.7% CAGR between 2020 and 2024. Leveraging M-PESA’s extensive merchant network and Mastercard’s global payment infrastructure, this partnership will make more seamless, secure, and scalable payment solutions available to merchants, enabling them to serve customers across global markets. The partnership will also boost remittance services, streamlining cross-border transactions efficiently.  “We are proud to partner with Safaricom to build an inclusive digital economy that works for everyone, everywhere. We will enable the merchants to grow and contribute to the Kenyan economy,” said Amnah Ajmal, Executive Vice President, EEMEA, Mastercard.By embedding Mastercard’s omnichannel acceptance solutions across M-PESA’s merchant space, the partnership is scaling digital payments across Kenya. Furthermore, by integrating Mastercard’s infrastructure, Safaricom will enhance cross-border money transfers, providing faster, more reliable transfers, while advancing its ability to support merchants in accepting digital payments.“This collaboration with Mastercard unlocks new opportunities for M-PESA merchants, aligning with our mission to deliver innovative, customer-centric products. By combining our expertise with Mastercard’s global acceptance network, we are enabling businesses to provide more efficient and frictionless payment solutions to their customers, both in Kenya and beyond,” said Esther Waititu, Chief Financial Services Officer, Safaricom Plc.Safaricom and Mastercard are committed to foster innovation and financial inclusion within Kenya’s evolving digital landscape. The first initiatives are expected to roll out in the coming months, advancing Safaricom’s journey toward securing its acquiring license and providing merchants with cutting-edge digital payment solutions.“Safaricom and Mastercard have signed a partnership to accelerate the adoption of payment acceptance and cross-border remittance services in Kenya. This collaboration is set to benefit over 636,000 merchants using…”Source Link: https://techmoran.com/2024/09/19/safaricom-mastercard-to-expand-remittances-and-payment-acceptance-to-over-636000-merchants-in-kenya/ http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/09/pexels-photo-259200.jpeg Safaricom and Mastercard have signed a partnership to accelerate the adoption of payment acceptance and cross-border remittance services in Kenya. This collaboration is set to benefit over 636,000 merchants using M-PESA, Safaricom’s leading mobile money service. Kenya’s payment acceptance market continues to grow, with mobile wallet payments driven by M-PESA showing a 12.7% CAGR between … Read More

[bravecompanynews]

Safaricom, Mastercard to expand remittances and payment acceptance to over 636,000 merchants in Kenya - Journal Today Internet - #GLOBAL https://www.merchant-business.com/safaricom-mastercard-to-expand-remittances-and-payment-acceptance-to-over-636000-merchants-in-kenya/?feed_id=205277&_unique_id=66ecc7ed12ace Safaricom and Mastercard have signed a partnership to accelerate the adoption of payment acceptance and cross-border remittance services in Kenya.This collaboration is set to benefit over 636,000 merchants using M-PESA, Safaricom’s leading mobile money service.Kenya’s payment acceptance market continues to grow, with mobile wallet payments driven by M-PESA showing a 12.7% CAGR between 2020 and 2024. Leveraging M-PESA’s extensive merchant network and Mastercard’s global payment infrastructure, this partnership will make more seamless, secure, and scalable payment solutions available to merchants, enabling them to serve customers across global markets. The partnership will also boost remittance services, streamlining cross-border transactions efficiently.  “We are proud to partner with Safaricom to build an inclusive digital economy that works for everyone, everywhere. We will enable the merchants to grow and contribute to the Kenyan economy,” said Amnah Ajmal, Executive Vice President, EEMEA, Mastercard.By embedding Mastercard’s omnichannel acceptance solutions across M-PESA’s merchant space, the partnership is scaling digital payments across Kenya. Furthermore, by integrating Mastercard’s infrastructure, Safaricom will enhance cross-border money transfers, providing faster, more reliable transfers, while advancing its ability to support merchants in accepting digital payments.“This collaboration with Mastercard unlocks new opportunities for M-PESA merchants, aligning with our mission to deliver innovative, customer-centric products. By combining our expertise with Mastercard’s global acceptance network, we are enabling businesses to provide more efficient and frictionless payment solutions to their customers, both in Kenya and beyond,” said Esther Waititu, Chief Financial Services Officer, Safaricom Plc.Safaricom and Mastercard are committed to foster innovation and financial inclusion within Kenya’s evolving digital landscape. The first initiatives are expected to roll out in the coming months, advancing Safaricom’s journey toward securing its acquiring license and providing merchants with cutting-edge digital payment solutions.“Safaricom and Mastercard have signed a partnership to accelerate the adoption of payment acceptance and cross-border remittance services in Kenya. This collaboration is set to benefit over 636,000 merchants using…”Source Link: https://techmoran.com/2024/09/19/safaricom-mastercard-to-expand-remittances-and-payment-acceptance-to-over-636000-merchants-in-kenya/ http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/09/pexels-photo-259200.jpeg BLOGGER - #GLOBAL

[boldcompanynews]

Safaricom, Mastercard to expand remittances and payment acceptance to over 636,000 merchants in Kenya - Journal Today Internet - BLOGGER https://www.merchant-business.com/safaricom-mastercard-to-expand-remittances-and-payment-acceptance-to-over-636000-merchants-in-kenya/?feed_id=205276&_unique_id=66ecc7ec11754 Safaricom and Mastercard have signed a partnership to accelerate the adoption of payment acceptance and cross-border remittance services in Kenya.This collaboration is set to benefit over 636,000 merchants using M-PESA, Safaricom’s leading mobile money service.Kenya’s payment acceptance market continues to grow, with mobile wallet payments driven by M-PESA showing a 12.7% CAGR between 2020 and 2024. Leveraging M-PESA’s extensive merchant network and Mastercard’s global payment infrastructure, this partnership will make more seamless, secure, and scalable payment solutions available to merchants, enabling them to serve customers across global markets. The partnership will also boost remittance services, streamlining cross-border transactions efficiently.  “We are proud to partner with Safaricom to build an inclusive digital economy that works for everyone, everywhere. We will enable the merchants to grow and contribute to the Kenyan economy,” said Amnah Ajmal, Executive Vice President, EEMEA, Mastercard.By embedding Mastercard’s omnichannel acceptance solutions across M-PESA’s merchant space, the partnership is scaling digital payments across Kenya. Furthermore, by integrating Mastercard’s infrastructure, Safaricom will enhance cross-border money transfers, providing faster, more reliable transfers, while advancing its ability to support merchants in accepting digital payments.“This collaboration with Mastercard unlocks new opportunities for M-PESA merchants, aligning with our mission to deliver innovative, customer-centric products. By combining our expertise with Mastercard’s global acceptance network, we are enabling businesses to provide more efficient and frictionless payment solutions to their customers, both in Kenya and beyond,” said Esther Waititu, Chief Financial Services Officer, Safaricom Plc.Safaricom and Mastercard are committed to foster innovation and financial inclusion within Kenya’s evolving digital landscape. The first initiatives are expected to roll out in the coming months, advancing Safaricom’s journey toward securing its acquiring license and providing merchants with cutting-edge digital payment solutions.“Safaricom and Mastercard have signed a partnership to accelerate the adoption of payment acceptance and cross-border remittance services in Kenya. This collaboration is set to benefit over 636,000 merchants using…”Source Link: https://techmoran.com/2024/09/19/safaricom-mastercard-to-expand-remittances-and-payment-acceptance-to-over-636000-merchants-in-kenya/ http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/09/pexels-photo-259200.jpeg #GLOBAL - BLOGGER Safaricom and Maste... BLOGGER - #GLOBAL

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Merchant Purchase Terminal

[technologycompanynews]

Safaricom, Mastercard to expand remittances and payment acceptance to over 636,000 merchants in Kenya - Journal Today Internet - BLOGGER https://www.merchant-business.com/safaricom-mastercard-to-expand-remittances-and-payment-acceptance-to-over-636000-merchants-in-kenya/?feed_id=205275&_unique_id=66ecc7ea9f04c Safaricom and Mastercard have signed a partnership to accelerate the adoption of payment acceptance and cross-border remittance services in Kenya.This collaboration is set to benefit over 636,000 merchants using M-PESA, Safaricom’s leading mobile money service.Kenya’s payment acceptance market continues to grow, with mobile wallet payments driven by M-PESA showing a 12.7% CAGR between 2020 and 2024. Leveraging M-PESA’s extensive merchant network and Mastercard’s global payment infrastructure, this partnership will make more seamless, secure, and scalable payment solutions available to merchants, enabling them to serve customers across global markets. The partnership will also boost remittance services, streamlining cross-border transactions efficiently.  “We are proud to partner with Safaricom to build an inclusive digital economy that works for everyone, everywhere. We will enable the merchants to grow and contribute to the Kenyan economy,” said Amnah Ajmal, Executive Vice President, EEMEA, Mastercard.By embedding Mastercard’s omnichannel acceptance solutions across M-PESA’s merchant space, the partnership is scaling digital payments across Kenya. Furthermore, by integrating Mastercard’s infrastructure, Safaricom will enhance cross-border money transfers, providing faster, more reliable transfers, while advancing its ability to support merchants in accepting digital payments.“This collaboration with Mastercard unlocks new opportunities for M-PESA merchants, aligning with our mission to deliver innovative, customer-centric products. By combining our expertise with Mastercard’s global acceptance network, we are enabling businesses to provide more efficient and frictionless payment solutions to their customers, both in Kenya and beyond,” said Esther Waititu, Chief Financial Services Officer, Safaricom Plc.Safaricom and Mastercard are committed to foster innovation and financial inclusion within Kenya’s evolving digital landscape. The first initiatives are expected to roll out in the coming months, advancing Safaricom’s journey toward securing its acquiring license and providing merchants with cutting-edge digital payment solutions.“Safaricom and Mastercard have signed a partnership to accelerate the adoption of payment acceptance and cross-border remittance services in Kenya. This collaboration is set to benefit over 636,000 merchants using…”Source Link: https://techmoran.com/2024/09/19/safaricom-mastercard-to-expand-remittances-and-payment-acceptance-to-over-636000-merchants-in-kenya/ http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/09/pexels-photo-259200.jpeg BLOGGER - #GLOBAL Safaricom and Mastercard have signed a partnership to accelerate the adoption of payment acceptance and cross-border remittance services in Kenya. This collaboration is set to benefit over 636,000 merchants using M-PESA, Safaricom’s leading mobile money service. Kenya’s payment acceptance market continues to grow, with mobile wallet payments driven by M-PESA showing a 12.7% CAGR between … Read More

[onlinecompanynews]

Safaricom, Mastercard to expand remittances and payment acceptance to over 636,000 merchants in Kenya - Journal Today Internet https://www.merchant-business.com/safaricom-mastercard-to-expand-remittances-and-payment-acceptance-to-over-636000-merchants-in-kenya/?feed_id=205274&_unique_id=66ecc6d10393b Safaricom and Maste... BLOGGER - #GLOBAL Safaricom and Mastercard have signed a partnership to accelerate the adoption of payment acceptance and cross-border remittance services in Kenya.This collaboration is set to benefit over 636,000 merchants using M-PESA, Safaricom’s leading mobile money service.Kenya’s payment acceptance market continues to grow, with mobile wallet payments driven by M-PESA showing a 12.7% CAGR between 2020 and 2024. Leveraging M-PESA’s extensive merchant network and Mastercard’s global payment infrastructure, this partnership will make more seamless, secure, and scalable payment solutions available to merchants, enabling them to serve customers across global markets. The partnership will also boost remittance services, streamlining cross-border transactions efficiently.  “We are proud to partner with Safaricom to build an inclusive digital economy that works for everyone, everywhere. We will enable the merchants to grow and contribute to the Kenyan economy,” said Amnah Ajmal, Executive Vice President, EEMEA, Mastercard.By embedding Mastercard’s omnichannel acceptance solutions across M-PESA’s merchant space, the partnership is scaling digital payments across Kenya. Furthermore, by integrating Mastercard’s infrastructure, Safaricom will enhance cross-border money transfers, providing faster, more reliable transfers, while advancing its ability to support merchants in accepting digital payments.“This collaboration with Mastercard unlocks new opportunities for M-PESA merchants, aligning with our mission to deliver innovative, customer-centric products. By combining our expertise with Mastercard’s global acceptance network, we are enabling businesses to provide more efficient and frictionless payment solutions to their customers, both in Kenya and beyond,” said Esther Waititu, Chief Financial Services Officer, Safaricom Plc.Safaricom and Mastercard are committed to foster innovation and financial inclusion within Kenya’s evolving digital landscape. The first initiatives are expected to roll out in the coming months, advancing Safaricom’s journey toward securing its acquiring license and providing merchants with cutting-edge digital payment solutions.“Safaricom and Mastercard have signed a partnership to accelerate the adoption of payment acceptance and cross-border remittance services in Kenya. This collaboration is set to benefit over 636,000 merchants using…”Source Link: https://techmoran.com/2024/09/19/safaricom-mastercard-to-expand-remittances-and-payment-acceptance-to-over-636000-merchants-in-kenya/ http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/09/pexels-photo-259200.jpeg #GLOBAL - BLOGGER Safaricom and Mastercard have signed a partnership to accelerate the adoption of payment acceptance and cross-border remittance services in Kenya. This collaboration is set to benefit over 636,000 merchants using M-PESA, Safaricom’s leading mobile money service. Kenya’s payment acceptance market continues to grow, with mobile wallet payments driven by M-PESA showing a 12.7% CAGR between … Read More

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Safaricom, Mastercard to expand remittances and payment acceptance to over 636,000 merchants in Kenya - Journal Today Internet - BLOGGER https://www.merchant-business.com/safaricom-mastercard-to-expand-remittances-and-payment-acceptance-to-over-636000-merchants-in-kenya/?feed_id=205273&_unique_id=66ecc6cf8728f Safaricom and Mastercard have signed a partnership to accelerate the adoption of payment acceptance and cross-border remittance services in Kenya.This collaboration is set to benefit over 636,000 merchants using M-PESA, Safaricom’s leading mobile money service.Kenya’s payment acceptance market continues to grow, with mobile wallet payments driven by M-PESA showing a 12.7% CAGR between 2020 and 2024. Leveraging M-PESA’s extensive merchant network and Mastercard’s global payment infrastructure, this partnership will make more seamless, secure, and scalable payment solutions available to merchants, enabling them to serve customers across global markets. The partnership will also boost remittance services, streamlining cross-border transactions efficiently.  “We are proud to partner with Safaricom to build an inclusive digital economy that works for everyone, everywhere. We will enable the merchants to grow and contribute to the Kenyan economy,” said Amnah Ajmal, Executive Vice President, EEMEA, Mastercard.By embedding Mastercard’s omnichannel acceptance solutions across M-PESA’s merchant space, the partnership is scaling digital payments across Kenya. Furthermore, by integrating Mastercard’s infrastructure, Safaricom will enhance cross-border money transfers, providing faster, more reliable transfers, while advancing its ability to support merchants in accepting digital payments.“This collaboration with Mastercard unlocks new opportunities for M-PESA merchants, aligning with our mission to deliver innovative, customer-centric products. By combining our expertise with Mastercard’s global acceptance network, we are enabling businesses to provide more efficient and frictionless payment solutions to their customers, both in Kenya and beyond,” said Esther Waititu, Chief Financial Services Officer, Safaricom Plc.Safaricom and Mastercard are committed to foster innovation and financial inclusion within Kenya’s evolving digital landscape. The first initiatives are expected to roll out in the coming months, advancing Safaricom’s journey toward securing its acquiring license and providing merchants with cutting-edge digital payment solutions.“Safaricom and Mastercard have signed a partnership to accelerate the adoption of payment acceptance and cross-border remittance services in Kenya. This collaboration is set to benefit over 636,000 merchants using…”Source Link: https://techmoran.com/2024/09/19/safaricom-mastercard-to-expand-remittances-and-payment-acceptance-to-over-636000-merchants-in-kenya/ http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/09/pexels-photo-259200.jpeg Safaricom, Mastercard to expand remittances and payment acceptance to over 636,000 merchants in Kenya - Journal Today Internet - #GLOBAL BLOGGER - #GLOBAL