{"id":537,"date":"2013-09-27T16:11:02","date_gmt":"2013-09-27T20:11:02","guid":{"rendered":"http:\/\/www.nationaltransaction.com\/credit-card-merchant\/?p=537"},"modified":"2013-10-03T09:07:38","modified_gmt":"2013-10-03T13:07:38","slug":"mobile-payments-in-africa-and-beyond-phones-are-the-new-banks","status":"publish","type":"post","link":"https:\/\/www.nationaltransaction.com\/credit-card-merchant\/mobile-payments-in-africa-and-beyond-phones-are-the-new-banks\/","title":{"rendered":"Mobile Payments in Africa and Beyond SmartPhones Are the New Banks:"},"content":{"rendered":"

Mobile Payment Bandwagon<\/strong><\/p>\n

\"Money<\/a>

Credit: Flickr<\/a><\/p><\/div>\n

Just this month, September 2013, a number of British retailers announced their partnership with smartphone payment application Zapp, expected to launch summer 2014. Long before that, in November 2012, global coffee chain Starbucks launched a mobile payment system using Square Wallet, allowing customers to pay for their coffees with a simple scan of their smartphone. In China, the mobile payment market tripled in size over the last year, with a growing number of retailers jumping aboard the e-payments trend. Clearly, mobile payments are the new face of commerce…both for consumers and, increasingly, within a B2B setting as well. It may not be long until every type of payment…from mortgages and business loans to utilities bills and income tax\u2026is made through mobiles.<\/p>\n

Though it\u2019s a trend that\u2019s now spreading across the globe, the rise of mobile payments can be directly traced back to Africa. It\u2019s an example of how unique conditions give rise to innovative solutions, and how those innovations catch on. Here\u2019s a brief look at the rise of mobile payment technology and at the role Africa has played in its success.<\/p>\n

Africa Gets There First<\/strong> – <\/b>this notion of exchanging funds through a mobile phone really took off in Africa. When M-Pesa was launched by Safaricom in Kenya in 2007, it was a simple solution to issues specific to the region. Kenyans who lived far from banks or couldn\u2019t afford banking fees were given the opportunity to send and receive payments through SMS messages. M-Pesa answered these specific problems, but the concept behind the service has proven to have a far broader reach. After achieving success in Kenya, M-Pesa launched in Tanzania in 2008. Despite getting off to a slow start, the mobile payment services now has 5 million Tanzanian subscribers. It has also launched in South Africa, Afghanistan, India and there\u2019s plans to roll it out in Egypt at some point in 2013.<\/p>\n

At the heart of M-Pesa\u2019s success has been efficiency and security. Removing the need to travel to a bank\u2026or even the need to log into online banking\u2026has made the process of transferring funds far easier and faster. Eliminating the need to write a cheque, use cash or enter credit card details has made the process far more secure. Increased efficiency and improved security are qualities that everyone\u2026not just those in the developing world\u2026stands to benefit from.<\/p>\n

Thus, though today\u2019s technology has adapted and built upon the M-Pesa model, the world still has Africa\u2026Kenya in particular\u2026to thank for starting the mobile payment revolution.<\/p>\n","protected":false},"excerpt":{"rendered":"

Mobile Payment Bandwagon Just this month, September 2013, a number of British retailers announced their partnership with smartphone payment application<\/p>\n

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