M-Pesa To Be Used In The Cashless Fare Payment

By
Caroline Vutagwa
-
0
1429
image source:Capital FM
image source:Capital FM

The Central Bank of Kenya has approved Safaricom’s M-Pesa service to offer cashless fare payment. Through M-Pesa matatus will use Lipa and M-Pesa mobile payment system in order to issue physical receipts. According to the rules Regulations of the system commuters should be issued with receipts after using their prepaid cards.

Safaricom is betting on its subscriber base for a larger share of the cashless fare market.

The Central bank had previously approved Kenya Commercial Bank (KCB), Co-operative bank (Co-op) and Equity bank as service providers. The bank is looking to harvest more than Ksh2 billion through this service.

Trending
How to Use “Okoa Stima” by Safaricom Subscribers 2023.

KCB partnered with Tap-to-Pay and MasterCardto bring the Abiria Card, Equity Bank on the other hand brought Beba Pay in partnership with Google all in the bid to facilitate the cashless fare service. Both cards should generate receipts after each transaction.

The cashless fare system is expected to curb erratic increases in fares and enable Kenya Revenue Authority collect taxes from the industry. Other firms seeking to offer the cashless fare payment will have to get approval from the Central Bank of Kenya before December 1st.

The bank is seeking a larger share of the cash transfer market and piece of the voice business using its own overlay thin SIM card technology that Safaricom is opposing. Regulators have allowed Equity to operate the thin SIM in a one year pilot.

Advertise on TechMoran.com — reach founders, innovators, and decision-makers

Promote your product, event, press release, or launch a report to a highly engaged tech and business audience. You can also take over our homepage for premium visibility and sponsor our monthly #TechNight events and podcasts and annual StartupEast Conference & Awards to maximize brand exposure.

Beyond reach and visibility, we have over ten years of experience in SEO-driven digital publishing and we are the best in the SEO market at helping brands grow organic visibility through high-quality editorial backlinks and strategic content placement. We are here to help you improve your search rankings and long-term discoverability. We also help improve AI discoverability, ensuring your brand is more visible across emerging AI-powered search and recommendation systems.

Your campaign will also be extended across TechMoran, BusinessTech.co.ke, and AfricanWomenNetwork.net, including their newsletters, giving you wider reach and engagement across East Africa’s leading digital audiences. Be part of the region’s biggest tech and business platforms monthly, quarterly, and annually.

Contact Sales