PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

New York Times: Few People Want Mobile Wallets

Ben Jackson by Ben Jackson
April 30, 2014
in Analysts Coverage
0
CFPB prepaid
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

M-Pesa, first launched in 2007, has been a resounding success, enabling mobile-money transfer and payment services to millions in Kenya and other neighboring African countries, including Tanzania and the Democratic Republic of Congo). Vodafone now has announced it intends to bring M-Pesa across the India, where estimates put the unbanked population at nearly 700 million.

“For millions of people in India, a mobile phone is a bank account, a front door to a micro-business or a lifeline to people in the remotest areas. Research shows that M-Pesa brings real benefits to users in their daily lives, saving three hours a week of their time and around $3 in money transfer costs — a significant amount to people in some areas,” says Marten Pieters, managing director and CEO of Vodafone India.

M-Pesa’s impending India launch is a result of the partnership between Vodafone and ICICI Bank, India’s largest private bank. ICICI is attempting to reach a massive new consumer base.

Mobile payments offer great promise in a country where only 35 percent of the population has a bank account. In addition, only 8 percent of the population has a debit card and 2 percent have a credit card, according to World Bank estimates made in 2011. Pieters ensures that while the spirit of M-Pesa will remain the same, the services will customized to best fit the needs of local Indian consumers:

“We have customized our offering to serve the needs of Indian customers while ensuring [M-Pesa] compliance with all applicable regulations. Financial inclusion is a national priority and we believe that with M-Pesa, we now have the ideal offering to enable this.”

If M-Pesa can successfully navigate India’s notorious bureaucracy, there should be little to stop it from replicating its African and bringing mobile payments to a huge new consumer group.

Click here to read more from Mobile Payments Today.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    Electroneum AnyTask; ETN Crypto, sales enablement

    Ethical Financial Selling: The Role of Compliance Technology and Sales Enablement

    February 2, 2023
    direct deposit

    Nacha Launches Campaign to Reach Millennials on the Benefits of Direct Deposit

    February 1, 2023
    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    January 31, 2023
    credit card tumbling

    How to Detect, and Prevent, Credit Card Tumbling

    January 30, 2023
    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    January 27, 2023
    faster payments

    Faster Payments Are Set to Revolutionize Modern Digital Payments

    January 26, 2023
    How AI can Help Manage Payments Risk in 2023

    How AI can Help Manage Payments Risk in 2023

    January 25, 2023
    cross-border payments

    How to Implement Effective and Innovative Cross-Border Payment Strategies

    January 24, 2023

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Equinix report - Dojo Delivers Fast, Reliable and Secure Card Payments to Businesses on Platform Equinix