This new partnership has just been signed between the two companies to allow for broad scale M-Pesa signups.
Vodafone has now entered into a deal with Moneygram, a specialist in currency transfers, which will make it possible for users to exchange mobile payments from among 200 different countries to other users who are signed up for the M-Pesa service.
The rollout is now being scheduled to occur in phases, starting in the spring of 2014.
Once active, it will allow consumers to use mobile payments to add money directly into accounts with M-Pesa or to send money directly through transfers from one account to the other. This will be possible through the mobile apps or through the official Moneygram website. This will help to provide a service that the companies feel is greatly needed at the moment.
There is a demand that is currently unfilled for sending mobile payments to family and friends worldwide.
According to the director of M-Pesa at Vodafone, Michael Joseph, “There is huge demand for sending funds back to family and friends in your home market and an estimated $90bn2 per year is transferred to M-Pesa markets from around the globe.” He went on to say that this newly formed partnership that his company has established with Moneygram will now allow them to offer the broadest network, worldwide, as well as the most access points for consumers who are hoping to be able to send money to users of the M-Pesa service.
M-Pesa is already available in a number of countries, particularly in the Middle East, South Asia, and Africa. These nations include India, Egypt, Tanzania, Kenya, Lesotho, the Democratic Republic of Congo, Mozambique, South Africa, and Fiji.
The purpose of this mobile payments service is to make it possible for “unbanked” individuals, that is, people who don’t have access to the traditional type of bank account, to be able to send money to one another through the use of their cell phones. This has made it especially popular throughout those regions of the globe and it is continuing to experience considerable use as well as growth, there.
Although you cannot completely do away from your leather billfold, but this new technology called mobile wallet is gradually invading on your leather wallet. Well, one good thing that it is doing is saving paper and conserving environment.
MasterCard is the one of the companies that is doing well in mobile wallet market.
It has a belief which wants the world to look beyond cash. Recently it has upgraded the shopping experience with new innovations to Mobile Wallet Technology. It has added new service called ShopThis! This will help customers to leverage this new market. Well, it is a good option as world is getting more aware and inclined towards digital payment services.
Digital Wallet is all set to for transforming natural way of transaction. Mobile Commerce is claimed to be the largest growing sector by 2020. Mobile ticketing and mobile money transfer will follow. The main reason behind this growth is increasing use of mobile payment services. But still a large chunk of population prefers traditional Cash and Card payment. One major reason according to AMR report is Security concern among them with technological infancy. A recent report published by Allied Market Research projects that the market for Global Mobile Wallet will reach $5,250 billion by 2020 at CAGR of 127.5%.
Mobile Wallet has really transformed shopping experience of many consumers with its enhanced and astounding features.
It has brought the physical and digital market virtually at one place. Looking at its potential, many telecom companies are coming together to innovate and give a better product. This will act as a catalyst for market growth. PayPal has emerged as best player in Mobile Wallet solutions. As per survey by Forrester to 4000 consumers, PayPal got 38% of vote while Amazon followed it with 35% of vote. Google is the biggest player in NFC (Near Field Communication) mobile technology with the launch of mobile wallet technology in 2011.
Application, Mode of Payment and Stakeholders are there segments that form Mobile Wallet market.
Application segment is further divided as Mobile commerce, Mobile ticketing, Mobile money transfer etc while Mode of payment segment is comprised of NFC and remote payment. Stakeholder’s segment includes Service providers, Handset manufacturers, Mobile operators, OSS/BSS solutions etc.
Author: Ashish Gedamkar
