Speed, convenience, safety: contactless payments’ role in mobile money transfer

Friday, September 27, 2013

With the steady introduction of contactless payment systems in parts of South Africa, a new wave of convenience for low-value transactions is becoming a reality. There is an opportunity for startups to take advantage of this uptake, but to do so they need to demystify this new trend, and the tech behind it. Just what is this technology? How does it work, and is it secure? These are questions that many people are starting to ask. With 70% mobile penetration in Africa, it makes sense for startups to get in on the action.

Cashless payment solutions have become extremely popular in Africa with a recent report released by MasterCard noting that about 43% of South Africans and 27% of Kenyans use electronic payment methods.

Source: Venture Burn (link opens in a new window)

Categories
Technology
Tags
financial innovation, mobile applications, mobile money, telecommunications