Ethio telecom has taken a step towards diversifying its services by introducing a new international digital money transfer service in partnership with VISA, a global leader in digital payment technology. The collaboration was formalized with the signing of a strategic agreement between Ethio telecom CEO, Frehiwot Tamru, and VISA’s Country Manager, Yared Tadele.

The partnership marks the launch of Ethiopia's first wallet-based Virtual Visa Card, an initiative that aims to revolutionize international money transfer services in the country. The collaboration leverages the telebirr Remit App and Visa Direct, promising changes in the efficiency and security of remittance transactions.

With the Visa Direct service, Visa cardholders worldwide can now send money to Ethiopia using a telebirr virtual card number. This service offers greater efficiency and reduced fees compared to existing remittance services, enabling both individuals and institutions across more than 190 countries to transfer money seamlessly.

To utilize Visa Direct, recipients in Ethiopia must register for the Virtual Visa service through the telebirr SuperApp. Once registered, customers receive a 16-digit virtual Visa card number, which they can share with the sender. Transactions are processed swiftly, with funds expected to arrive within one hour.

In addition to Visa Direct, Ethio telecom's telebirr Remit service enables customers abroad to send money instantly to their contacts in Ethiopia via the Bank of Abyssinia Cyber Source payment gateway. The service is currently available in nine countries, with plans for expansion based on demand.

Source: Fana BC