KCB Bank in Kenya is aiming to capitalize on the growing trend of contactless payments by introducing its Tap To Pay service.
The bank has partnered with Visa and Thales to enable customers with Android handsets and Garmin wearables to make contactless payments through the KCB App.
Service utilizes Near-field communication (NFC) technology, allowing customers to make in-store payments by tapping their smartphones at contactless-enabled payment terminals.
The Tap To Pay service is powered by Thales, a digital security leader, and leverages Visa’s tokenization capability.
This means that KCB customers no longer need a physical card or wallet to make transactions, offering a higher level of convenience.
The partnership aims to support financial inclusion and enhance contactless consumer experiences using smartphones.
Adoption of contactless payments, facilitated by advancements in NFC, RFID, and biometric authentication, has made transactions safer and more feasible.
The industry is expected to expand significantly, with market predictions estimating a value of USD 90.6 billion by 2032, compared to USD 22.4 billion in 2022 and exhibiting a compound annual growth rate (CAGR) of 15.4% from 2023 to 2032.
Visa Kenya’s Country Manager, Eva Ngigi-Sarwari, commended KCB for pioneering this technology in Kenya and highlighted the company’s commitment to expanding contactless payments for secure and convenient payment experiences.
Thales, as a provider of secure tokenization services, is proud to work with KCB and Visa Kenya to introduce this technology for the first time in Kenya.
The Central Bank of Kenya (CBK) has reported a growing preference for card payments, with the use of bank cards for shopping reaching a record high of 4.4 million transactions by May 2022.
This trend indicates increased consumer spending and the appeal of the convenience offered by card payments.
Overall, KCB Bank’s introduction of Tap To Pay reflects the bank’s efforts to tap into the growing market for contactless payments in Kenya, providing customers with a secure and convenient payment experience while supporting the country’s financial inclusion agenda.