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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.
P2P payment application functionality varies, but the processes generally follow a similar structure: First, the user downloads the application and creates an account and links it to a credit card, debit card, or bank account. Then the user can create contacts and send payments using another user's email address, phone number, or account handle.
Immediate Payment Service is managed by the National Payments Corporation of India (NPCI) and is built upon the existing National Financial Switch network. In 2010, the NPCI initially carried out a pilot for the mobile payment system with 4 member banks (State Bank of India, Bank of India, Union Bank of India and ICICI Bank), and expanded it to include Yes Bank, Axis Bank and HDFC Bank later ...
Since 2009 Kenya's largest mobile phone company extended its mobile phone bank transaction payment system M-Pesa to be used for the payment of water utility bills. [77] As of 2012 more than 12 million Kenyans and 85% of the urban population use mobile phones for Bank transactions.
Here is a simplified overview of how PAPSS works [9]. A company issues a payment instrument to their local bank or payment service provider; The payment instruction is sent to PAPSS through the country's central bank and routes it to the beneficiary bank account
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.