Visa, a trusted leader in digital payments, is reportedly partnering with banks in Kenya to roll out contactless payments, to enable a safe and secure transaction experience for consumers.
Visa seeks to target the growing base of consumers looking for safer payment solutions, both physically and technologically.
Looking at the several advantages that contactless payments offer, such as ease of use, speed, and safety, Visa has several resources in place to familiarize consumers in Kenya with the security features provided by contactless payment technologies and e-commerce to keep them safe while paying with their cards.
Speaking on the launch of contactless payments, the Country Manager for Visa in Kenya, Corine Mbiaketcha, said,
“Across the globe, we’re settling into a new normal, an immediate acceleration of digital shopping, which has dramatically changed the way we live, work, and buy. It has impacted how we spend, send, and use money, with a tsunami-like ripple effect on many parts of the global economy.
“We have seen an increasing demand among consumers and merchants to take advantage of the benefits of contactless payments in light of the onset of the COVID-19 pandemic. We are working with our partners to ensure that our capabilities are made widely available and updated specifically to help meet today’s challenges.
“For the transactions that still need to be made in person, we have doubled down on our contactless efforts around the world, including raising spending limits to enable a larger number of PIN-free purchases in more countries around the world.”
It is worth noting that in terms of the adoption of digital payments, Kenya has established itself as a leader on the African continent. The Digital Payments market in Kenya is projected to grow by 14.10% (2023-2027).
Kenya has witnessed significant improvements in payment systems, particularly with mobile money technology. Therefore, Visa contactless payments launch in Kenya is not only strategic but will impact individuals and businesses positively.
For consumers, contactless payments offer an easy, fast, and secure experience, especially as smartphones and even smarter contactless-enabled wearable devices are now commonplace. While for merchants, tap-to-pay technology speeds up queuing times and reduces the burden of handling cash.
A Look at the Several Advantages Contactless Payments Offers For Both Consumers and Businesses
1.) Speed and Convenience: Contactless payments are incredibly fast and convenient. Users can make a payment by simply tapping or waving their contactless-enabled card, mobile phone, or wearable device near a point-of-sale terminal. This reduces the time spent at the checkout counter, making the overall payment process smoother.
2. Reduced Friction: Contactless payments eliminate the need to handle physical cash or insert cards into machines. This reduces the risk of errors and improves the overall customer experience, as users don’t need to fumble for the right amount of cash or deal with faulty card readers.
3. Security: Contactless payments are designed with security features to protect user information. Tokenization and encryption technologies ensure that sensitive payment data is not stored on the device or transmitted to the merchant’s system. Additionally, many contactless transactions require authentication, such as a PIN or biometric verification, adding an extra layer of security.
4. Versatility: Contactless payments can be used in various settings, including retail stores, public transportation, restaurants, and more. This versatility makes them suitable for a wide range of payment scenarios.
5. Record Keeping: Many contactless payment methods offer digital receipts and transaction history, making it easier for users to track their spending and manage their finances.
6. Accessibility: Contactless payment technology can be integrated into various devices, including smartphones, smartwatches, and even some wearables. This makes it accessible to a wide range of users, including those who might not carry physical wallets.
7. Faster Checkout Lines: Businesses benefit from contactless payments as well. With shorter transaction times, checkout lines can move more quickly, improving customer satisfaction and potentially increasing sales volume.
8.) Cost Efficiency: Over time, businesses may see cost savings related to the reduced need for physical cash handling, lower instances of errors, and potentially fewer requirements for traditional point-of-sale hardware.
Overall, the advantages of contactless payments contribute to a more streamlined, secure, and efficient payment experience for both consumers and businesses.