Kenya: Equity Bank promotes NFC-based payments
Equity Bank, the largest bank in Kenya based on the number of customers, is about to lend 300,000 smartphones to retailers throughout the country in a bid to develop contactless payment.Equity Bank, the largest
bank in Kenya based on the number of customers, is set to lend 300,000 smartphones to retailers throughout the country in a bid to
develop contact-less payment.
Each customer will be able
to pay for his purchases by
simply touching their mobile phone with
an Equity Master Card or Visa card.
The smartphones lent by Equity Bank are enabled with a Near Field Communication (NFC) protocol that allows them to communicate with close-by devices.
The bank said it wants to encourage this method of payment because it is "easier, safer and cheaper" than traditional ones.
Eventually, Equity Bank would like all retailers to use NFC technology. At the moment, between 7,000 and 8,000 of their customers use the NFC protocol enabled on their Equity Bank card.
Last May, Equity Bank entered a partnership with Google so that owners of BebaPay-enabled cards could pay for their bus tickets without cash. BebaPay is a type of NFC system thought up by the Silicon Valley giant.
At the time, Equity Bank announced it wanted to launch the NFC technology in additional sectors. With a roll out to retail, they are putting their plan into practice.