9 November 2012

Kenya: Visa Launches Campaign for Plastic Money

GLOBAL payments technology company Visa has launched a campaign dubbed 'kick the cash' to promote card usage in daily transactions.

Visa noted that cash was still the most popular mode of payment in the country, a fact it attributed to as strong dislike for debt among consumers and inadequate point of sale network.

"Kenya has made great strides towards a cashless society; however, we believe education around card usage will open up the economy even further," Visa country manager for Kenya Victor Ndlovu said.

Through Kick-the-Cash initiative, Visa aims to demonstrate the tangible benefits of using cards for everyday purchases instead of using cash, which can be unsafe and inefficient.

Use of plastic cards in Kenya is said to be on the rise but still the value of the transactions is way below that of leading economies in Africa like Botswana and South Africa.

Botswana has 700,000 Visa cards but transactions are valued at $650 million (Sh55.5 billion) annually, compared with Kenya's 3 million plastic cards with transactions worth $350 million (Sh29.9 billion).

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