Technology Magazine October 2017 | Page 146

T�A�S���MI���AFRICA

WITH digital payments

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In�Africa , �where�financial�inclusion�is�limited , �it�is�increasingly� becoming�clear�that�mobile�money�services , �such�as�EcoCash , � Airtel�Money , ��range�Money , �MobiCash , �and�E-�ahab� promise�a�convenient , �affordable�and�more�scalable�alternative� to�traditional�banking . ��y�leveraging�the�ubiquity�of�mobile� phones , �mobile�money�services�are�banking�the�unbanked� population , �meeting�financial�needs�of�millions�of�Africans� and�making�the�economies�cash-light . �
�or�e�ample , �EcoCash , �largest�mobile�money�service�in� �imbabwe , �is�used�by�� . 7�million�subscribers . �EcoCash�has� helped�to�mitigate�the�cash-crisis�in�the�country�by�enabling�people� to�make�bill�and�merchant�payments , �transfer�money , �receive� salaries , �save�money�and�get�loans�digitally . �In����2�1��-17 , � EcoCash�processed�transactions�valuing�US $ �7.1�billion , �forming� a�significant�portion�of��imbabwe ’ s���P . �EcoCash�is�
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Until�recently , �mobile�money�in�Africa�was�dominated�by�P2P� transfers , �given�the�migrant�population�and�informal�network� of�family�and�friends , �who�are�the�primary�source�of�financing . � �ut , �as�the�mobile�money�economy�matures�in�the�region , � we�see�a�diverse�set�of�use�cases�picking�up . �
Micro-financial�services�such�as�savings , �loans , �insurance� and�savings�clubs�are�bringing�people�into�formal�economy . � People�who�used�to�stash�money�in�mattresses�are�saving� on�mobile�phones . �People�with�no�credit�history�are�getting� loans�instantly�based�on�airtime�usage . �
The�region�is�also�showing�a�steady�uptake�of�mobile�money� merchant�payments�through�physical�and�virtual�companion� cards , ���C�payments , �and�USS��based�mobile�payments . �
When�digital�payments�take�hold , �it�is�the�consumers�who�benefit� the�most . �The�cost�of�remitting�money�has�halved�in�many� countries , �with�mobile�money�based�international�remittance� making�it�safer , �faster , �and�more�affordable�to�send� & �receive� money�across�borders .
�ot��ust�individuals , �government�and�enterprises�are�also� e�tending�the�use�of�mobile�money�by�making�salary� payments , �government�to�person�payments , �and�business� payments�digitally . �
Another�important�area�worth�mentioning�is�interoperability� between�mobile�money�services . �Tan�ania , �Egypt , �and� Madagascar�are�some�of�the�countries�that�have�already� enabled�direct�fund�transfer�between�mobile�wallets� belonging�to�different�mobile�money�services . �This�has�set� the�path�for�other�countries�to�adopt�interoperability . ���
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�anks�have�reali�ed�that�they�have�to�act�now�or�perish� in�the�wake�of�the�mobile�money�economy . �So�they�are� collaborating�with�mobile�money�operators�to�facilitate� transfer�between�bank�account�and�customer ’ s�mobile� wallet . ��n�the�other�hand , �many�banks�are�also�launching� their�own�digital�wallets , �with�better�customer�e�perience�on� top�of�their�mind . ��ot�only�this , �banks�are�equipping�their� merchants�with�an�unified�acceptance�interface�that�is� compatible�with�all�digital�payments�channels�such�as�debit� and�credit�cards , �mobile�wallets , �Masterpass����and�m�isa , � simplifying�digital�payment�acceptance . ��y�focusing�on� better�user�e�perience�for�both�consumers�and�merchants , � banks�are�creating�a�comprehensive�digital�banking�and� payments�ecosystem
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Mahindra�Comviva�is�a�global�leader�in�mobile�financial� solutions . �Its�solutions�are�deployed�by�over�1���telecom� companies�and�banks�in�more�than����countries , �enriching� the�lives�of�over�a�billion�people�across�the�world . �It�caters� to�both�the�issuing�side�as�well�as�the�acquiring�side�of�the� payments�business . �
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�n�the�issuing�side , �Mahindra�Comviva�provides�mobiquity � platform , �for�mobile�operators�as�well�as�banks , �helping� them�to�transition�seamlessly�into�the�folds�of�the�digital�
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payments�economy . �mobiquity �processes�more�than� ��billion�transaction�valuing�over�US $ ����billion�annually . � It�powers���of�the�top�1��mobile�money�services�globally . �
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In�Africa , �mobiquity �powers����mobile�money�services�in� ���countries�transforming�the�way�Africans�save , �borrow , � transfer�and�spend�money . ��
�n�the�acquiring�side , �Mahindra�Comviva�provides�payPLUS , � which�is�a�unified�payments�acceptance�solution�for�merchants� and�acquiring�entities . �payPLUS�enables�the�acceptance�of� multiple�digital�payment�instruments�through�a�single�interface , � facilitating�quick�and�seamless�payments�at�merchant�P�S . �
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