Which country was first to launch mobile banking in the world?
Mobile money is an electronic wallet service. This is available in many countries and allows users to store, send, and receive money using their mobile phone. The safe and easy electronic payments make Mobile money a popular alternative to bank accounts. It can be used on both smartphones and basic feature phones.
M-Pesa is an innovative mobile money platform that enables the transfer of money as well as offers access to various financial services. The word M stands for mobile while the word “pesa” means “money” in Swahili.
Launched in 2007, the mobile money platform has surpassed expectations with an estimated $10 billion in transfers annually. Today there are over 17 million Kenyans using M-Pesa, and its related products for cash transactions.