Ethiopia launches new international digital money transfer services --[Reported by Umva mag]

The two parties signed a deal to introduce the first wallet-based Virtual Visa Card in Ethiopia.

The agreement seeks to enhance the current international money transfer remittance services through the introduction of telebirr Remit App and Visa Direct, promising substantial improvements in the efficiency and security of money transfers.

Visa Direct service enables Visa cardholders in the globe to transfer money to Ethiopia using telebirr virtual card number.

The new service allows both individuals and institutions to send money from over 190 countries, offering greater efficiency and lower service fees than the current remittance service in Ethiopia.

“To receive money from overseas via Visa Direct, customers must first register for Virtual Visa service using telebirr SuperApp and share the 16-digit virtual Visa card number with the sender, which will be received within one hour,” Ethio telecom said in a statement.

The wallet-based Virtual Visa Card service will go operational by installing the newly developed telebirr Remit App on customers’ mobile devices.

“With this service, customers can receive remittances from nine countries, namely the United States, Canada, Israel, Saudi Arabia, the United Arab Emirates, the United Kingdom, South Africa, Italy, and Sweden, by sharing their telebirr mobile numbers,” Ethio telecom said in a statement.

MG/abj/APA

The following news has been carefully analyzed, curated, and compiled by Umva Mag from a diverse range of people, sources, and reputable platforms. Our editorial team strives to ensure the accuracy and reliability of the information we provide. By combining insights from multiple perspectives, we aim to offer a well-rounded and comprehensive understanding of the events and stories that shape our world. Umva Mag values transparency, accountability, and journalistic integrity, ensuring that each piece of content is delivered with the utmost professionalism.