Alternative Payment Solution: M-Pesa
M-Pesa is a mobile-based fund-transfer and micro-level banking service available to customers of Safaricom, Kenya’s largest mobile network. Introduced in 2007, the service has become a primary channel for fund transfers in the country. As of September 2017 it had an active customer base of 27.8 million in Kenya.
Originally developed as a low-cost microfinance loan-repayment system, it was extended as an open platform to remit funds and make consumer payments, due to its rising popularity. This was largely a result of factors such as the high cost of remitting funds through banking, a lack of banking facilities, low card penetration, minimal card acceptance infrastructure, and the high costs involved with dealing with cash in Kenya.
Users can register for the service at an authorized M-Pesa agent, and transfer money from an M-Pesa account to a recipient by mobile phone. In addition to money transfers, M-Pesa users can also carry out transactions such as ATM cash withdrawals, and online and in-store payments using a mobile phone. Safaricom expanded its services in May 2017 to include NFC-based in-store payments. The new service, called M-Pesa 1Tap, allows users to make payments simply by tapping a card, mobile phone sticker, or wristband device that is connected to their M-Pesa account onto a contactless POS terminal. Furthermore, Safaricom has collaborated with Commercial Bank of Africa (CBA), allowing users to open an M-Shwari bank account on a mobile phone without having to visit a bank branch.
The report provides information and insights into alternative payment solution M-Pesa, including -
- Detailed insight into its business and geographical presence
- Comprehensive coverage of its products and services
- Comparative assessment with key alternative payment solutions
- Information on its performance, including its revenue model
- The companys important events and milestones
- In March 2007, M-Pesa was launched in Kenya.
- In November 2012, Safaricom collaborated with Commercial Bank of Africa to offer mobile-based banking services to M-Pesa users.
- In February 2016, partnered with PayPal, allowing PayPal users to transfer money to an M-Pesa account.
- In October 2017, M-Pesa expanded M-Pesa 1Tap in five cities of Kenya: Nairobi, Mombasa, Kisumu, Eldoret, and Nyeri.
Reasons to buy
- Gain insights into M-Pesas business operations, and key events.
- Gain insights into its product portfolio and revenue model.
- Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.
Products and Services
Partner Money Transfer Services
The Insurance Industry in Angola, Key Trends and Opportunities to 2022 GlobalDatas The Insurance Industry in Angola, Key Trends and Opportunities to 2022 , report provides detailed analysis of the market trends,View Report
The Insurance Industry in Belarus, Key Trends and Opportunities to 2022 GlobalDatas The Insurance Industry in Belarus, Key Trends and Opportunities to 2022 , report provides detailed analysis of the market trends,View Report
The Insurance Industry in Solomon Islands, Key Trends and Opportunities to 2022 GlobalDatas The Insurance Industry in Solomon Islands, Key Trends and Opportunities to 2022 , report provides detailed analysis of theView Report
Delivery Details : Electronic files (PDF) of market research reports will dispatched within 12 to 24 hours. (Mon-Fri IST)
If a particular report is not as per your requirement you can choose "Customized Report". To visit click on -Custom Research Reports