The M-PESA Mobile Wallet Will Now Accept Funds From 200 Countries
Justin Lam — November 28, 2018 — Tech
References: safaricom.co.ke & business.financialpost
Safaricom, Kenya's leading mobile network operator, has partnered with Western Union Company again to leverage Safaricom's M-PESA mobile wallet to unlock global money transfers for over 28 million mobile wallet holders. Utilizing Western Union's global money movement platform, this new M-PESA mobile wallet feature will expand Safaricom's money transfer system to over 200 countries and territories. This network of countries and territories will all be locations already part of Western Union's global money platform.
This expansion is key to the growth of the M-PESA mobile wallet which has already revolutionized financial inclusion in Kenya by allowing millions of Kenyans to receive money from abroad, store existing funds, make payments locally, all while leapfrogging traditional infrastructure. Ultimately, this mobile wallet expansion hopes to further mobile financial service operators to scale globally and send or receive money across borders.
This expansion is key to the growth of the M-PESA mobile wallet which has already revolutionized financial inclusion in Kenya by allowing millions of Kenyans to receive money from abroad, store existing funds, make payments locally, all while leapfrogging traditional infrastructure. Ultimately, this mobile wallet expansion hopes to further mobile financial service operators to scale globally and send or receive money across borders.
Trend Themes
1. Global Mobile Money Transfers - The partnership between Safaricom and Western Union allows the M-PESA mobile wallet to enable global money transfers, opening up opportunities for seamless cross-border transactions.
2. Financial Inclusion - The M-PESA mobile wallet's expansion offers increased access to financial services for millions of people, particularly in regions with limited banking infrastructure.
3. Mobile Financial Services - The collaboration between Safaricom and Western Union showcases the potential for mobile wallets to disrupt traditional banking systems and promote the adoption of digital financial services.
Industry Implications
1. Mobile Payment Services - The M-PESA mobile wallet's global money transfer feature presents an opportunity for mobile payment service providers to tap into the growing cross-border remittance market.
2. Telecommunications - Telecommunication companies can explore partnership opportunities to offer mobile financial services and enhance their value proposition for customers.
3. Financial Technology - The expansion of the M-PESA mobile wallet highlights the potential for fintech companies to innovate and provide secure, convenient cross-border payment solutions.
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