The value they place on the privacy and the security of their financial data makes them view alternative authentication methods more favorably—particularly if it creates a seamless and frictionless experience across all of their devices.
As cash use declines across Africa, Visa and Safaricom have launched a virtual card to let M-Pesa users transact over Visa’s network.
The CEO claims the neobank’s strategy is right on track. But it’s not profitable, it’s burning through funding, and its low revenue this year hurts the possibility of more funding.
These deals could help both firms sustain business as recession fears, higher competition, and looming BNPL regulation threaten growth.
They may find it easier to meet their financial needs with digital currency, but it’s unclear how they are spending the assets and whether this promotes financial equity.