KCB Bank Kenya has partnered with Visa to unveil a brand new digital payment solution that will allow various merchants to accept payments right on their smartphones without needing traditional POS machines.
This shift is expected to reduce costs for small businesses, many of whom have been scared in using digital payments due to the high cost of payment terminals.
How The New System Works
The latest innovation from KCB and Visa turns a regular smartphone into a payment acceptance device, giving traders the freedom to accept card payments wherever and whenever they like.
This is a major win for merchants running stalls in open markets, small shops, delivery services or mobile businesses – of which the nature of their businesses require them to be flexible.
KCB acknowledged that the rollout was part of its overall digital strategy to make payments faster, simpler & reliable.
“This collaboration with Visa is a game-changer,”
said Jane Isiaho, Director of Retail and Banking at KCB Bank Kenya.
Why This Matters to Small Business Owners
Every year, millions of payment cards are issued to customers, but merchant adoption remained slow, the main hinderance being attributed to high cost of traditional POS machines which remained expensive and require huge investments to maintain.
According to KCB and VISA, the new solution allows merchants to accept digital payments on their smartphones and is a lot cheaper and more accessible compared to the POS systems, making digital payments practical for:
- Small shop owners
- Market traders
- Delivery workers
- Service providers
- Mobile businesses
In a country like Kenya where small enterprises are the backbone of the economy, there’s need to remove these barriers to promote digital payment adoption which is expected to grow tremendously in the near future.
Reshaping Kenya’s Payment Landscape
This new smartphone acceptance tech is going to create new competition in Kenya’s digital payments market. Merchants will have the freedom to get out on the road and serve their customers – no longer tied to fixed devices or high equipment costs – so long as they have a smartphone.
According to VISA, this solution will particularly benefit traders in informal and high-mobility areas who need fast, easy & secure ways to get paid.
KCB’s Pledge to Support Digital Growth
KCB has vowed to keep supporting merchants by making sure:
- Onboarding is fast and easy
- Any issues get sorted out quickly
- The transition to digital payments is as smooth as possible – with no disruption to business
The aim is to help businesses at least keep trading normally even as they get switched over to digital payments.
A Major Breakthrough for Digital Commerce
By allowing payments to be made through smartphones, KCB and Visa are breaking down long held barriers and helping push Kenya a few steps closer towards a more inclusive – and less reliant on cash – economy.
The partnership is a significant milestone in Kenya’s journey to digital finance – giving every merchant – big or small – a simple way to start accepting card payments.