Payments News

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Global

India moves towards interoperable mobile wallets

“The Reserve Bank of India (RBI), the country’s central bank, has issued the final set of guidelines for new rules designed to enable mobile wallet users to easily make payments and transfer funds to users of competing mobile wallet services. Reserve Bank of IndiaThe new rules are set out in Prepaid Payment Instruments (PPIs) — Guidelines […]
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Global

Mobile money transactions fall on new taxes

“Mobile money transactions have declined in the wake of new taxes introduced on digital cash transfers and bank charges. Data from the Kenya National Bureau of Statistics (KNBS) indicate that transactions marked one of the steepest declines in several months, both in the number and value of money sent. “
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Global

Orange And MTN Partner For Mobile Money Platform Mowali

“Two of Africa’s largest mobile operators and mobile money providers, Orange Group and MTN Group, today announced a joint venture, Mowali (mobile wallet interoperability), to enable interoperable payments across the continent. Mowali makes it possible to send money between mobile money accounts issued by any mobile money provider, in real time and at low cost.”
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Global

Mobile money transactions equivalent of half of Kenya’s GDP

“Central Bank of Kenya (CBK) data shows that mobile money transactions stood at Sh3.98 trillion ($38.5 billion) last year, having increased by Sh346 billion (10%) from 2017. This translates to an average value of Sh10.92 ($108 million) billion mobile cash transactions per day. n short, Kenyans moved nearly half the equivalent of the country’s gross domestic […]
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Systems

Interoperability: The Next Phase of Mobile Money

“If mobile money transactions want to achieve the same growth and ubiquity as card payments, it must move to the next phase of its existence and embrace interoperability. Most mobile money platforms are still operating on a closed loop system, where account holders can only transact with people on the same network. As we saw when […]
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Systems

Mojaloop Bootcamp Application

“Some of the biggest challenges for retail financial services in developing countries include poor or missing payment APIs, a lack of standardization, and limited interoperability between various mobile money and bank-based domains within the payment system. These problems increase costs, create bad user experiences, and limit use cases. The Gates Foundation are working to create […]