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M-PESA is a branchless banking service; M-PESA customers can deposit and withdraw money from a network of agents that includes airtime resellers and retail outlets acting as banking agents. M-PESA spread quickly, and by 2010 had become the most successful mobile-phone-based financial service in the developing world. [4]
M-Pesa has a wide range of financial services including Person to Person, ATM withdrawal, Payments, Bulk Payments and Bank to M-Pesa. As of January 2016, M-Pesa is used by 21.8 million Kenyans, with over 1.5 million of M-Pesa users using the bill payment feature. At the time M-Pesa had a network of over 90,000 agent outlets.
The following is a list of notable online payment service providers and payment gateway ... Heartland Payment Systems: Online, [2] POS ... M-Pesa: Mobile: ...
The payment could be deducted from a pre-paid account or charged to a mobile or bank account directly. Mobile payment method via NFC faces significant challenges for wide and fast adoption, due to lack of supporting infrastructure, complex ecosystem of stakeholders, and standards. [25] Some phone manufacturers and banks, however, are enthusiastic.
Retail System, known formally as the Automated Clearing Settlement System (ACSS), run by Payments Canada Cayman Islands: Cayman Islands Automated Clearing House [20] Chile: Centro de Compensación Automatizado (CCA) [21] China: Bulk Electronic Payment System (BEPS) [22] Colombia: ACH-Colombia and CENIT Costa Rica
C. Caper AI; Cash on delivery; Cash-less Nigeria; Cashless catering; Central Electronic System of Payments; Central securities depository; Certified funds; Certified Payment-Card Industry Security Implementer
Applications such as M-Pesa [30] can support access to mobile payment services for a large percentage of those without banks, thereby facilitating transactions in the value chain. Other applications have been developed to promote provision of crop insurance through input dealers, for example.
A fourth category requires that a merchant have a single connection to an alternative payment provider. This alternative payment provider has connections to multiple online banks. This does not require the consumer to share their online banking credentials, but still offers the same advantages to the merchants as “overlay payment solutions ...