In every ten transactions carried out in Kenya, eight will be through cash payment. Despite the obvious risks and inconveniences associated with cash-based transactions, conventional cashless transactions options like credit and debit cards do not seem to appeal much to the masses.
That is largely contributed to by the fact that a good number of Kenyans do not have bank accounts. The banking service in itself has not yet penetrated the general market; albeit significant progress has been made over the recent years.
However, mobile money services, particularly from the leading mobile carrier Safaricom have seen widespread use and adaptation across the market. Safaricom’s mobile money, M-Pesa is widely used across the market.
Value addition service: Lipa na M-Pesa
Its value addition services such as ‘Lipa na M-Pesa’; a service that allows consumers purchase for good and services, in addition, to paying for their utility bills cashless seems to be the closest thing to cashless payment that masses are using in Kenya. ‘Lipa na M-Pesa’ allow consumers to pay for goods, services, and utility bills from balances in their mobile wallet, through their phones.
Lipa na M-pesa service is a …read more