Vodacom Tanzania has introduced a global payments solution for its M-PESA mobile money platform in an effort to boost digital financial inclusion and cross-border trade.
M-PESA Global Payment was developed in collaboration with VISA, Alipay, Network International, Magnati, and MTN Uganda, according to the telecom.
It enables users to make global Tap & Pay transactions with the M-PESA Visa tokenised card, pay merchants in China via Alipay, which is supported by Thunes, trade in Dubai via TerraPay-supported merchants, and pay merchants in Uganda directly into MTN MoMo wallets.
The company stated that the platform eliminates the burden of traditional banking barriers for traders and businesses.
Also, it said the platform responds to the growing demand from Tanzanian customers and travellers who frequently transact across East Africa, the Middle East, Asia, and globally, but often face challenges with costly, slow, or insecure payment processes.
The move is central to the fintech’s purpose to deepening financial inclusion and ensuring that digital innovation benefits every micro, small and medium enterprise, it said.
Victor Makere, Visa country manager for Tanzania said: “Through our collaboration, we are enabling millions of M-PESA customers to experience secure, seamless, contactless payments anywhere Visa is accepted.
Tokenisation brings an added layer of safety and convenience allowing customers to Tap & Pay globally using their mobile phones without exposing their card details. This innovation supports Tanzania’s transition toward a fully digital payments ecosystem and empowers consumers and businesses with more modern ways to pay.”
Speaking on the role of Thunes in enabling payments to China, Andrew Stewart, chief revenue officer at Thunes, added: “Digitising cross-border payments is a game-changer for accessibility, and supports our mission to enable the next billion end users to take part in the global economy.
"Together with Vodacom, we are making it possible for Tanzanian businesses to pay Chinese merchants instantly through the Alipay network. This new level of interoperability and innovation strengthens trust in mobile financial ecosystems and opens new avenues for international trade.”
Epimack Mbeteni, M-PESA director at Vodacom Tanzania believes through the combined effort, the firms are unlocking new trade corridors, reducing the cost of doing business, and giving customers freedom to participate in the global digital economy.
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