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Kenya: Kenswitch Launches New Pay System
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The Nation (Nairobi)
8 July 2008
Posted to the web 8 July 2008
Nairobi
The banking community linked to local national payments switch provider, Kenswitch, will now be able to pay for goods and services at multiple merchant locations without the need for hard cash. This follows the launch of a new distribution channel service called Point of Sale (POS) by Kenswitch, Monday.
The firm said this is in readiness to strengthening its brand and providing value to its new and existing card holders.
Company general manager, Mr George Wainaina, said the service is available countrywide and uses a PIN, similar to the one used at its ATMs, to secure transactions rather than the traditional signature thereby assuring both the buyer and the merchant of security and minimal fraud cases.
The use of the card at merchant locations does not attract any additional charges to the cardholder.
"While recognising that our ever expanding ATM footprint has passed the 300 mark, what we are now offering is a unique value proposition to our cardholders giving them convenience like no other local payment system does," said Mr Wainaina.
Cash based society
Kenya remains a cash-based society mainly because convenient and distributed payment systems are not accessible to a majority. This subjects the economy to huge costs in printing, storage and movement of hard cash. The cardholder has, therefore, associated a debit card with the ATM to get cash which is in turn spent on goods and services.
"With this new distribution channel, the cardholder has the choice at various outlets to pay directly with the card thereby eliminating the need to go to an ATM for cash first," says Mr Wainaina.
Kenswitch was set up by a consortium of banks.
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Its job was to allow participating financial institutions to share payment infrastructure like ATMs and Point of Sale terminals to avoid duplication.
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