M-Pesa gets faster payments upgrade

Friday, May 9, 2014

Kenyan telco Safaricom has upgraded its M-Pesa mobile money service to implement near-instantaneous transactions.

The faster payments enhancement follows a system upgrade to the M-Pesa Application Programming Interface (API) which has resulted in a reduction of transaction time from an average of 2 hours to less than 30 seconds.

Safaricom’s CEO Bob Collymore says: “Innovation is a continuous process at Safaricom and that is why we have been seeking ways to deliver services to customers with speed and efficiency. Twelve leading banks and 26 SACCOs have already migrated to the new platform and migration is on-going for 30 other institutions..”

Source: Finextra (link opens in a new window)