Launched following a partnership between Kenswitch and Chase Bank, Paysure’s platform becomes Kenya’s first locally administered online payment platform.
Online transactions normally take up to a week to conclude for the funds arrive to the business’ accounts, with the platform, this would be reduced to a day or two, the founders say.
“With many of the products in the market, merchants have to wait up to a week to access their money. Reducing this time to a day is a positive development,” said Mr Habil Olaka , CEO Kenya Bank Association (KBA).
With this delay, businesses have to have more capital in the business to keep their businesses running or finance restocking as they await the payments. The new system will reduce these extra costs.
Kenswitch's managing director George Wainaina said that Paysure model will make it possible for businesses to receive payment for their goods and services from anywhere in Kenya. Merchants without websites will also be able to use the platform for online transactions.
Paysure provides two options to receive payments. Paysure WebDirect plugs in directly to the shopping cart on the merchant’s website alongside their other payment options while Paysure Payment Link needs no website; merchants only need to send their customer a link to a secure payment portal where they will enter their details to complete the transaction.
With both options however, funds are credited directly to your bank account in 24 hours.
Kenswitch was set up by a consortium of banks in Kenya under the National Payments Systems modernization and reform process of the Central Bank of Kenya. It enables participating financial institutions to share payment infrastructure including Automated Teller Machines (ATMs) and Point of Sale (POS) terminals to avoid the duplication of scarce resources.
Currently, Kenswitch has a network of 30 financial institutions including 26 banks. Paysure will be integrated in this system and merchants using the platform will have to open accounts with Chase Bank.
