Payments News

On The Web

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Companies

How Meta Platforms Fell Behind in Indian Mobile Payments

“Mark Zuckerberg has pinned his hopes on commerce to save his business from stagnating user engagement and decelerating advertising revenue growth. But in the massive market of India, Facebook parent company Meta Platforms has fallen far behind in mobile payments, which serve as the crucial last step in closing an online sale. It needs to […]
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Companies

Hand Implant Allows People to Pay With Chip

“The future is here. Those tired of taking out their wallet or phone to pay for things could soon skip that step entirely, thanks to a new implantable payment chip. The British-Polish company Walletmor has created a microchip that can be implanted inside a person’s hand and used as one would tap a credit card […]
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Systems

Safaricom of Kenya Boosts Profit as Mobile-Money Fees Return

“Africa’s second-biggest company by market value said net income rose 12% to 37.1 billion shillings ($332 million) in the six months through September. Sales on Safaricom’s money transfer and payments platform, M-Pesa, grew by 46%, boosting service revenue to 138.4 billion shillings, Chief Finance Officer Dilip Pal said at a briefing in the capital, Nairobi.  […]
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Systems

Mobile Money—how Innovation in Kenya Paved the Way for Digital Payments

“PAYING FOR things using your phone has become far more widespread during the pandemic. But Western consumers are playing catch-up. Mobile payments have been widespread for more than a decade in Africa, and in particular in Kenya , where the world’s first successful mobile-money system , called M-PESA, was launched in 2007. Why did it […]
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Systems

MTN Inks Expanded Flutterwave Mobile Money Deal

“MTN Group widened a partnership with merchant payment technology provider Flutterwave to expand acceptance of the operator’s mobile money platforms to the latter’s customers in three new African markets. Prior to the new deal, Flutterwave customers in Uganda and Rwanda were able to accept payments through MTN’s mobile money platforms. This has now been expanded […]
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Systems

CBN Issues Revised Guidelines on Mobile Money Services in Nigeria

“On 9 July 2021 the Central Bank of Nigeria (CBN) issued a new regulatory framework on mobile money services in Nigeria (the 2021 guidelines), replacing the guidelines on mobile money services that were issued in 2015 (the 2015 guidelines). The 2021 guidelines retain the existing models (bank and non-bank-led) that may be implemented by mobile […]
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Global

Opera’s OPay still plans Africa expansion on Nigerian super app

“Opera’s Africa fintech startup OPay remains committed to building a multi-service super app in Nigeria as the foundation to expand on the continent. OPay also continues to operate ORide for limited passenger service — though the company is shifting the motorcycle ride-hail operation toward logistics businesses. Opera launched the OPay mobile money platform in Lagos […]
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Companies

Visa Gives Kenya’s Safaricom ‘Missing Link’ for Global Payments

“Visa and Safaricom have agreed a deal which will connect the Kenyan telecom operator’s M-Pesa financial services platform with Visa’s global network of merchants and cards. Under the deal, which requires regulatory approval, announced on Thursday by both companies, M-Pesa’s 24 million users and 173,000 local merchants will be linked to Visa’s 61 million merchants and […]

On The Wires

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Companies

MYPINPAD and SmartPesa Merge to Become the Global Leader in Mobile Payments Acceptance

“MYPINPAD, a global leader in mobile-based payments acceptance and digital authentication solutions, and SmartPesa, a leading provider of payments and agency banking solutions, have agreed to merge. The combined entity will operate under the MYPINPAD brand.Customers will benefit from greater scale, a wider product offering and the certainty of continued support as the industry moves […]
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Systems

TNM Mpamba and Mastercard Empower Millions of Consumers in Malawi to Make In-person and Online Payments on Global Platforms, Advancing Digital Financial Inclusion | Middle East/Africa Hub

“In a country-first for Malawi, mobile money service provider TNM Mpamba today launched a Mastercard debit card, enabling its customers – even those without bank accounts – to make safe and seamless in-person and online digital payments on the Mastercard network. Dubbed “Khadi Mbambande”, the new card is expected to enhance financial inclusion and improve access […]