Telecommunications giant Safaricom on Thursday unveiled an improved Lipa na M-PESA system that will ease and secure the processing of cashless payments.
According to the firm, the increased use of Lipa na M-PESA service warranted the upgrade which has already been rolled out to a host of Lipa na M-PESA service points.
“Our enhanced integration of Lipa na M-PESA for the more than 2,500 merchants will increase the speed and accuracy at which they process cashless payments while also benefiting our customers with increased privacy and accuracy when paying,” Sitoyo Lopokoiyit the Chief Financial Services Officer at Safaricom said in a statement.
The update which is set to benefit more than 21 million monthly active M-Pesa users will also eliminate the need to show transaction confirmation messages.
“Merchants with more than one Lipa na M-Pesa payment point will be issued with a distinct till number. This means that when a cashier selects M-PESA as a mode of payment, the merchant system will reconcile the amount to the latest Lipa Na M-PESA payment received, eliminating the need to show a payment confirmation message,” Safaricom said in the statement.
The move comes a week after the telco launched M-PESA Global; a groundbreaking fresh service that allows anyone from essentially any location in the world to send money to any Safaricom customer in Kenya in a move aimed at opening up Kenya and the service to the world.
In its latest financial earnings, Safaricom announced the Lipa Na M-PESA segment recorded the highest growth in contribution to M-PESA revenue in the six months to September 30th 2019, growing at almost 50%. The number of active Lipa Na M-PESA merchants also increased to more than 109,000.