KENYA – China-based phone maker, Transsion has announced that it is planning to launch a mobile money wallet service in Kenya to allow customers to make payments to small businesses and retailers.
TECNO Wallet is being introduced through strategic partnerships with unnamed third-party financial institutions.
“Tecno will be available for download on selected existing device series and will come pre-installed on new Tecno smartphones, including the upcoming CAMON 19 series set to be unveiled in June 2022,” the multinational said in a statement.
“The wallet has pilot launched in Nigeria in May, and roll-out to Kenya in middle of June. The future launches will include Ghana, Tanzania, Uganda, Code d’Ivoire and Senegal in the second half of 2022.”
The phone manufacturer is eyeing the mobile money service to grow sales of its devices besides diversifying into financial services.
Apart from shopping, the wallet will allow users to pay for data, airtime and bills.
“Consumers can use the wallet to handle their everyday transactions such as paying for airtime and groceries at the tap of a button, as well as access innovative financial services, all on one super-app,” said Tecno.
TECNO Wallet will also offer cashback and promotional rewards, along with discounts and deals with participating merchants and retailers.
It aims to build a digital and financial hub and lifestyle platform that aggregates products, services and merchants from across the market, allowing TECNO users to transact, access credit, and enjoy exclusive rewards and promotions as soon as they unbox their smartphones.
The key features on the Tecno Wallet include a smarter way to pay where the TECNO Wallet empowers every TECNO smartphone user to pay for anything, anywhere, conveniently and securely. The Wallet introduces a new integrated digital payment experience that makes the process of paying for data, airtime, bills, and shopping fast and reliable.
TECNO Wallet offers digital finance re-imagined, which is the effortless way to go cashless. Consumers can use the Wallet to handle their everyday transactions such as paying for airtime and groceries at the tap of a button, as well as access innovative financial services, all on one super-app.
The Wallet helps consumers manage their finances in one place by connecting their existing cards and bank accounts to the app. Compatible major card schemes and financial institutions in the continent.
TECNO Wallet integrates a revolutionary digital Instant Credit service that enables its users to access a credit line in seconds and enjoy an interest-free period of up to 16 days powered by licensed financial institutions. Traditional requirements such as paperwork, guarantors or fees are eschewed in favour of a data science-based approach that will empower customers to quickly access credit and grow their limit based on their payment behaviour.
This move comes at a time several tech giants have joined the scramble for the fast-growing mobile wallets market. They include Apple, Samsung, and Xiaomi.
The fintech space in Africa is expanding exponentially and companies such as Tecno want to take advantage of its development.
China’s largest smartphone makers have intensified their battle for the Kenyan market, eager for a slice of one of the hottest and fastest-growing devices outlets in the region.
Huge demand for entry-level and mid-range smartphones, which are pocket friendly in a market where feature phones are still widely used, has attracted major players from the Asian giant.
Brands under Transsion Holding – Tecno, Infinix, and itel – have been amongst the fastest growing entities in Kenya’s mobile phone segment market.
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