Paysure Partners With Kenswitch and Chase Bank to Launch an Internet Payment Solution
Paysure Ltd has partnered with Kenswitch and Chase bank to offer an online payments solution targeted at the growing e-commerce market in the region. The deal allows Kenswitch member bank cardholders can now make purchases on the internet using their debit or prepaid cards.
Paysure being one of the recipients of the 2012/13 Tandaa Kenya grant, has developed a web application that facilitates the usage of Kenswitch cards to make payments over the internet. The online paymnent solution enables entities which wishes to receive payment remotely to do so in a secure and flexible way, whether or not they have a website.
The Paysure service totally relies on Kenswitch, the national payments switch, to connect to 30 financial institutions, whose 3.5 million cardholders will now be able to use their ATM and other pre-paid cards to make payments online.
Though not supporting mobile payments nor other card solution providers like Visa and Mastercard, Paysure looks to sing partnership with the providers in the next few months. Depending on the size of the merchants, the upfront fee to sing-up for the service will range from between Ksh 5,000 to 15,000. Periodically, Paysure will charge 5% for transactions.
Kenswitch Managing director George Wainaina said, “We are coming in to offer an online payments gateway that allows the growing middle class and SME sector, to use debit cards to pay for goods and services online.”
The whole solution is supported by Chase Bank which will provide the banking services for the merchants.
One advantage of this process is that beneficiary funds are credited directly to their bank accounts in 1-2 days.