'2Kuze' is the name of an app from Mastercard that promises a better experience for farmers across East Africa who want to use their smartphones to buy and sell goods.
As well as helping to speed up the payment process for small-scale farmers in a way that's completely cashless, the app boasts a simple interface and promises greater transparency and better access to financial services. As Mastercard says, 2Kuze "paves the way to a cashless agricultural sector." Currently, the payment system is being tested with 2,000 farmers in Kenya through the non-profit Cafédirect Producers Foundation.
Outside of systems that are used at the retail level, a system such as 2Kuze shows just how far-reaching cashless payment systems of the future have the potential to become.
Cashless Crop Payments
Mastercard's '2Kuze' App Delivers Faster Payments to Farmers
Trend Themes
1. Cashless Payment Systems - The widespread adoption of cashless payment systems, like Mastercard's '2Kuze' app, can revolutionize financial transactions across various industries.
2. Mobile Payment Solutions for Agriculture - The development of mobile payment solutions tailored for the agricultural sector, such as the '2Kuze' app, can enhance efficiency and transparency in agricultural payments.
3. Financial Inclusion in East Africa - The emergence of innovative payment apps, like '2Kuze', can contribute to greater financial inclusion for small-scale farmers in East Africa.
Industry Implications
1. Agriculture - The agricultural industry can benefit from adopting cashless payment systems, allowing farmers to buy and sell goods more efficiently.
2. Financial Technology (fintech) - The fintech industry has an opportunity to develop mobile payment solutions that cater to the specific needs of the agricultural sector.
3. Mobile App Development - The mobile app development industry can contribute to financial inclusion by creating user-friendly payment apps, like '2Kuze', for underbanked farmers.