What are the PayPal M PESA prices
What many in Germany and Europe dream of has long been a reality in Kenya. Mobile payment is a mass phenomenon here. But why is it?
What is still a visionary dream in Germany and Europe has long been a reality in Kenya. Mobile payment has reached the middle of society and is firmly established.
In Kenya, the mobile phone company Safaricom has been offering M-Pesa in cooperation with Vodafone since 2007. M stands for mobile and pesa is the Swahili word for money. Safaricom's first goal was overachieved. Instead of the targeted 250,000 new customers, 1.6 million were registered. Four years later it was an impressive 15 million
However, Kenyans are not driven by the desire to be cool and modern. You use M-Pesa out of sheer necessity. Unlike western countries, the East African country does not have an adequate banking infrastructure. In addition, many Kenyans do not have a credit or debit card. Most of them also do not have a bank account. Transferring money was simply not possible for many. M-Pesa filled exactly this gap.
In order to benefit from this benefit, the customer must first register with a registered agent. These can be dealers, petrol station owners, but also banks. There are now almost 25,000 agents in Kenya with whom customers can deposit and withdraw money. As soon as money is deposited, it can simply be transferred via SMS. The recipient receives a code and can use this to withdraw money. Safaricom thus takes on the functions of a bank. Some even pay in money without wanting to transfer it. They use it as an account and the agents as an ATM. In Kenya, the network of agents is very close-knit and you can withdraw money in almost every corner of the country.
Depositing and withdrawing money is free of charge. Fees only apply to transactions. M-Pesa makes its money through transaction fees. Safaricom is making good money with this technology. In 2011 she made 12.9% of her total turnover with mobile money.
In a country where the banking culture is not so strong, the economy naturally adjusts quickly to the new distribution channels. Kenyans can now pay their electricity and water bills on their own.
Why did mobile payment catch on so quickly in Kenya while this topic has been discussed in Germany for years? So far without any relevant results. The answer is simple. The western market is saturated with financial products and the added value of mobile payment via smartphone is difficult to convey to many citizens. It primarily means switching to another payment option and, as many discussions show, many providers are relying on NFC technology. However, so far only very few smartphones have been equipped with this technology. Different in Africa. Most of them do not have an NFC-enabled smartphone either, but the money can also be transferred with a conventional mobile phone. You don't need an app, a simple SMS is enough. If the added value cannot be conveyed to many from the West, it is exactly different with people from underdeveloped countries. Here the added value is obvious.
Who is surprised that Vodafone has introduced this technology in countries like Tanzania, South Africa, India and Egypt? Afghanistan should follow soon. These countries have a banking infrastructure similar to that of Kenya. The first European country where Vodafone is trying to introduce M-Pesa is Romania. Although Romania is an EU country, many Romanians do not have a bank account, but do have a cell phone.
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