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M-PESA (M for mobile, PESA is Swahili for money) is a mobile phone-based money transfer service, payments and micro-financing service, launched in 2007 by Vodafone and Safaricom, the largest mobile network operator in Kenya. [1]
Transactions through mobile banking depend on the features of the mobile banking app provided and typically includes obtaining account balances and lists of latest transactions, electronic bill payments, remote check deposits, P2P payments, and funds transfers between a customer's or another's accounts. [1]
Several companies have created technology to use the acoustic features of cell phones to support mobile payments and other applications that are not chip-based. The technologies like near sound data transfer (NSDT), data over voice and NFC 2.0 produce audio signatures that the microphone of the cell phone can pick up to enable electronic ...
Safaricom PLC is a listed Kenyan mobile network operator headquartered at Safaricom House in Nairobi, Kenya. [2] It is the largest telecommunications provider in Kenya, and one of the most profitable companies in the East and Central Africa region. [3]
Nedbank Group is a financial services group in South Africa offering wholesale and retail banking services as well as insurance, asset management, and wealth management. Nedbank Limited is a wholly owned subsidiary of Nedbank Group.
USSD is commonly used by prepaid GSM cellular phones to query the available balance. The vendor's "check balance" application hides the details of the USSD protocol from the user. On some pay as you go networks, such as Tesco Mobile , once a user performs an action that costs money, the user sees a USSD message with their new balance.
Smartphone technology affected many aspects of modern-day life, one of those being the ability to transfer money to other people anywhere in the world within seconds. Right now, there are many innovators in the P2P transaction mobile space, with industry leaders such as PayPal, Venmo, Square, Inc., among myriad others.
Instant payment (sometimes referred to as real-time payment or faster payment) is a method of electronic funds transfer, allowing for almost immediate transfer of money between bank accounts. This was in contrast to the previous transfer times of one to three business days that had been in place until the mid-2010s.