Worldwide Market Reports added Latest Research Report titled “Alternative Payment Solution: M-Pesa Market”
M-Pesa is 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 March 2017 it had an active customer base of 26.6 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.
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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.
Following its success in Kenya, the M-Pesa service was expanded to nine countries outside Kenya, and is now available in Tanzania, Democratic Republic of Congo, India, Mozambique, Egypt, Lesotho, Ghana, Albania, and Romania.
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The report provides information and insights into alternative payment solution M-Pesa, including -
- Detailed insight into its business
- Comprehensive coverage of its products and services
- Comparative assessment with key alternative payment solutions
- Information on its performance, including its revenue model
- The company's important events and milestones
- Launched in Kenya in March 2007, M-Pesa has expanded into nine other markets: Tanzania, Democratic Republic of Congo, India, Mozambique, Egypt, Lesotho, Ghana, Albania, and Romania.
- In February 2016, M-Pesa partnered with PayPal, allowing PayPal users to transfer money to an M-Pesa account.
- In May 2017, launched NFC-based tap-and-go payment service M-Pesa 1Tap.
- As of March 2017, M-Pesa has active customer base of 26.6 million in Kenya.
Reasons to buy
- Gain insights into M-Pesa's 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.
Important Points From TOC Covered In Report:
Table of Contents
Products and Services
List of Tables and Figures
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