Paysure partners with Kenswitch, Chase Bank to launch local online payments platform

DEAL: Kenswitch's George Wainaina is sandwiched between two Paysure directors at the partnership signing ceremony

Paysure has partnered with Kenswitch and Chase Bank to offer an online payments platform in order to tap into the growing e-commerce market in the region. Through the deal, Kenswitch member bank cardholders can now make purchases on the internet using their debit or prepaid cards.

One of the recipients of the 2012/13 Kenya ICT Board’s Tandaa Kenya grant, Paysure Limited has developed a web application that facilitates the usage of Kenswitch cards to make payments over the internet. The service enables anyone who wishes to receive payment remotely to do so in a secure and flexible way, whether or not they have a website.

The Paysure service relies on Kenswitch, the national payments switch, to connect to 30 financial institutions, whose cardholders will now be able to use their ATM cards to make payments online.

“The lastest sector statistics from the Communications Commission of Kenya indicate that the number of internet subscribers in Kenya increased by 13.48 per cent to 13.65 million users as at December 31, 2011. Many households are now connected to the internet either through mobile phones or personal computers,” said Kenswitch managing director George Wainaina, adding that the platform would 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.

Wainaina added that the platform would provide an opportunity for businesses to receive payment for their goods and services from anywhere across the country.

One advantage of this process is that beneficiary funds are credited directly to their bank accounts in 1-2 days.

Peter Waa, the Paysure managing director said that the online payment processing platform was developed using local expertise to specifically address the needs of local online merchants and we believe we have succeeded in providing such a solution.

“Merchants can quickly start selling the goods and services online by interfacing their proprietary e-commerce portals with the Paysure online processing system, or deploying an Open-Source fully fledged e-commerce portal with a built-in Paysure limited payment module. By providing a direct link to a local bank, Paysure limited has removed a major hurdle in the settlement of merchant payments and made the process friendly and convenient. All local debit bank card transactions are securely encrypted on the Kenswitch gateway.

Kenswitch is a registered limited company that was set up by a consortium of banks under the National Payments Systems modernization and reform process of the Central Bank of Kenya. Its terms of reference are to allow participating financial institutions to share payment infrastructure like automated teller machines (ATMs) and POS terminals so as to avoid the duplication of scarce resources,” said Waa.

Paysure, on the other hand, is a local company that developed the application using local expertise specifically to address the needs of local merchants.



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