Mobile Money
Mobile payment system
Mobile Money is a mobile payment system based on accounts held by a mobile operator and accessible from subscribers' mobile phones. The conversion of cash into electronic value (and vice versa) happens at retail stores (or agents). All transactions are authorised and recorded in real-time using SMS. in the year 2007, M-PESA was launched.
In 2008, a Ugandan software developer named Ronald Egesa of Mobitrix Uganda Ltd was reported by the leading newspapers to have developed the country's first mobile phone bank that he called SmartCash It was reported to be a network independent service.
In 2009, GSMA made a grant to Safaricom to support the development of a social transfer payment project via M-Pesa.
M-PESA was developed by Vodafone and first deployed by its Kenyan affiliate Safaricom. In May 2012, there were over 15 million customers of M-PESA in Kenya.
01Countries with a Mobile Money Presence
Sources and credits
This article is adapted from the Wikipedia article “Mobile Money”, written by its contributors and licensed under CC BY-SA 4.0. Fathomly has changed the layout, removed citation markers, navigation and maintenance notices, and adjusted punctuation. This adapted version is shared under the same license. For references, see the original article.
Images, from Wikimedia Commons:
- MTN MoMo stand, Korle-Klottey (P1090857).jpg by Matti Blume, CC BY-SA 4.0
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