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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 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.
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.
BHIM (Bharat Interface for Money) is an Indian state-owned mobile payment app developed by the National Payments Corporation of India (NPCI), based on the Unified Payments Interface (UPI). Launched on 30 December 2016, [ 1 ] it is intended to facilitate e-payments directly through banks and encourage cashless transactions.
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In Kenya, the M-PESA paybill number 423655 is used to pay for GOtv subscription via mobile money [18] Irdeto; Irdeto is a digital platform security company owned by MultiChoice to combat pay-TV piracy. [19] [20] Irdeto owns Denuvo. [21] BetKing; BetKing, a sports, gaming technology and entertainment company is a product of SV Gaming Limited.
Bulk messaging is the dissemination of large numbers of SMS messages for delivery to mobile phone terminals. It is used by media companies, banks and other enterprises (for marketing and fraud control) [ 1 ] and consumer brands for a variety of purposes including entertainment, enterprise and mobile marketing.