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Mobile Money is a mobile payments 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. MTN Mobile Money agent's stand in Ghana
M-PESA (M for mobile, PESA is Swahili for money) is a mobile phone-based money transfer service, payments and micro-financing service, launched in 2007 by Vodafone and Safaricom, the largest mobile network operator in Kenya. [1] It has since expanded to Tanzania, Mozambique, DRC, Lesotho, Ghana, Egypt, Afghanistan, South Africa and Ethiopia.
MTN Group Limited (formerly M-Cell) [2] is a South African multinational corporation and mobile telecommunications provider. Its head office is in Johannesburg . [ 3 ] [ 4 ] MTN is among the largest mobile network operators in the world , and the largest in Africa .
The consumer can purchase goods, transfer money to a peer, cash out, and cash in. [55] A 'mini wallet' account can be opened as simply as entering *700# on the mobile phone, [56] presumably by depositing money at a participating local merchant and the mobile phone number. Presumably, other transactions are similarly accomplished by entering ...
The following is a list of notable online payment service providers and payment gateway providing companies, their platform base and the countries they offer services in: (POS -- Point of Sale ) Company
Website of Communications Authority of Kenya; MTN takes a firm grip on Kenya online business space; Telcos market shift as Airtel gains voice traffic, Safaricom drops As of 12 April 2018. Safaricom’s dominance under threat from rivals As of 11 September 2018.
Customers can pay using local payment options including mobile payment applications such as M-Pesa or MTN's mobile money. [36] [37] Jumia Travel uses mobile apps, Extranet, Progressive Web App and can provide customer support on tools like WhatsApp, Viber for Mobile, following the growing internet and smartphone penetration in Africa. [38] [39]
Orange Money is also a core component of "mobile money" interoperability in Africa. Telma, Orange and Airtel announced on 9 September 2016 that their respective mobile payment services are now all mutually compatible. That same month, the Orange Money offer reached 20 million customers in the Africa and Middle-East zone (up 30% in a year). [12]