Namibian technology firm Virtual Technology Services (VTS) has received authorisation from Bank of Namibia (BoN) to issue payment tokens.

This licence enables VTS to issue payment tokens on behalf of banking and financial institutions, and any other organizations.

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With this license, VTS can offer a payment instrument to the Namibian public which can be used domestically to make purchases at participating outlets, bill payments and money transfers.

These payment tokens will be available in different forms including a transactional card and mobile money.

The approval will also enable VTS to issue a mag-stripe, chip and pin and Mi-fare cards on demand, designed and branded based on customer needs.

VTS executive director Hylton Villet said: "These offerings allow member account holders to spend at selected outlets, buy airtime and electricity at merchants or through mobile, send and receive money from friends and family, put cash into their account or withdraw cash at agents and while transacting they can get loyalty in the form of cash back or loyalty points on their accounts."

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BoN director for strategic communications and financial sector development Ndangi Katoma said: "It is in actual fact a designated payment instrument which has monetary value as represented by a claim on its issuer, that is stored electronically, is issued on receipt of funds, is accepted as a means of payment by persons other than the issuer; and is redeemable upon demand for cash denominated in Namibia dollars."