Most major commercial banks in Africa including Barclays Bank have already signed agreements with telecom companies that allow customers easy access to their bank accounts using mobile phones to make some online payments.

Through MasterCard's partnership with Airtel Africa, millions of people in the region who do not have bank accounts but have access to the Internet via mobile phones will now be able to buy goods online using the new virtual cash card that linked to the mobile wallet.

The mobile service dubbed "PayOnline" is linked to the Airtel mobile commerce offering -- Airtel money.

The PayOnline solution is a unique way of ensuring that customers transact is a digital world without having to have a credit card or use their physical debit card, according to Kariuki Nagri,

Standard Chartered Bank executive director, Kenya.