Visa Inc. has introduced a new mobile payment service, called mVisa, it claims will accelerate digital commerce in Kenya and eventually the rest of Africa.

The company has partnered with Co-Operative Bank, Family Bank, KCB and NIC Bank as part of its initial roll-out to Kenyan consumers and merchants.

Visa explains that transactions on mVisa run through its network and consumers and merchants do not need to be customers of the same bank or mobile operator.

Andrew Torre, Group Country Manager for Visa in Sub-Saharan Africa says commercial transaction in Kenya will spike as a result of mVisa which allows direct access to all of the funds in their bank accounts to pay merchants (person-to-merchant or P2M) or individuals (person-to-person or P2P).

"It is an exciting time as we work with our Kenyan partners to bring a new mobile payment solution to accelerate commerce," said Torre.

Consumers can use mVisa to pay merchants by scanning a QR code on a smart phone or by entering a merchant number into a feature phone. The payment goes straight from the consumer's bank account into the merchant's account and provides real-time notification to both parties according to Visa. All payment in the transaction are initiated by the consumer.

"Kenyans already understand the benefits of mobile payments, and mVisa offers them a better way to pay and be paid, with a service which is not limited by the mobile network they have or the handset they use. The service also brings the advantages of Visa's global network - security, reliability and global acceptance - and allows consumers to make payments both domestically and internationally," Torre continues.

mVisa will be available for smart and feature phones. Visa says the service has the potential to provide a mobile payment service to nearly all 38 million active mobile phone users in Kenya.

Consumers will also be able to use mVisa agents for domestic remittances as well as to access their cash if there is no ATM machine nearby. These features, Visa adds, accelerate financial inclusion.

"In addition, mVisa provides significant benefits to merchants by allowing them to receive real-time payment notifications that the payment has been made to their bank account without having to invest in costly point-of-sale hardware. So everyone benefits," Torre remarks.