Following this announcement, merchants and traders will be enabled to leverage the Dubbed Tap Ulipe, a solution that is integrated into a portable, internet-enabled MobiGo 2 device. The product was developed in order to be comparable in size to a modern smartphone, aiming to provide customers with efficiency and security, as well as multiple features without the need to invest in POS machines.
Tap Ulipe will focus on the security of its customers, aiming to drive increased sales for iPay’s merchants as well. This is expected to improve the overall development of the small business payment landscape in Kenya. Traders will also have access to credit from iPay’s finance partners and short-term working capital, following their transactions through iPay Tap-to-Phone devices.
In addition, businesses will also be allowed to download the Tap to Ulipe app from the Google Play store on their Near-Field-Communication (NFC) enabled devices, in order to accept contactless transactions and payments. Visa’s Tap-to-Phone technology will serve as a tool for the improvement of financial inclusivity, as well as extending optimised access to digital payments for the underbanked and unbanked sellers and users.
American multinational payment card services corporation, Visa had multiple collaborations and product launches in the last couple of months, covering several different geographic areas around the world.
In November 2023, the Abu Dhabi Islamic Bank (ADIB) announced its partnership with Visa in order to launch the Visa Installments Solution (VIS) for its cardholders and users in the UAE region. Following this announcement, ADIB Visa customers were given the possibility to receive the option to select Visa Installments, which enabled them to divine their spending into equal payments at selected merchant checkout points. This took place for both in-store and online purchases, as the bank intended to optimise the manner in which clients managed their budgets and afforded larger purchases.
According to the press release published at the time, the strategic deal followed current customers’ needs and preferences of paying for products in instalments, with a recent report released by Euromonitor in the UAE. This publication confirmed that 48% of customers found that installments make high prices more manageable and accessible, as 37% consider that they support them in the process of handling unexpected expenses.
Earlier in the same month, US-based remittance processor Remitly announced its decision to expand the partnership with Visa in order to simplify cross-border money movement for its users and clients. Throughout this deal, the companies extended their agreement for the following five years, focusing on the improvement of global money movement and the development of the firm’s initial integration of Visa Direct.
At the same time, Remitly and Visa aimed to enable the former’s customers in more than 15 countries to send money directly to their families, acquaintances, and loved ones’ Visa Debit cards and bank accounts. This took place in regions such as the US, the UK, Canada, and Australia, in more than 100 jurisdictions around the globe. Clients were also enabled to track their transfers directly through the Remitly application, which provided transparency and security over their payments.
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