Wednesday
December 14
2016

Vodafone launches M-Pesa Pay feature to enable merchants in India to receive mobile money payments

With an eye on the spurt in cashless transactions which will come about after the Government’s demonetisation move, second largest telco Vodafone today launched a special feature on its mobile wallet to enable merchants for receive payments.

“M-Pesa Pay is a new feature which we’re adding on to M-Pesa to enable ease of transactions between merchants and customers. M-Pesa Pay is really a merchants product,” company managing director and chief executive Sunil Sood told reporters here.

He said the feature works like a substitute for the capital-intensive point of sale machine, and merchants will have to download the application once, which can help them do cashless transactions with customers swiftly.

Vodafone’s mobile wallet M-Pesa has been in existence for many years now and is also one of the 11 entities chosen by RBI to launch a Payments Bank. Sood said it has 8.5 million customers, who did transactions of Rs 860 crore in September 2016.

The Government’s surprise move to scrap high denomination currency on November 8 has led to an increase in the alternative cashless transactions using the digital channel.

Source: Economic Times (link opens in a new window)

Categories
Technology
Tags
digital currency, financial inclusion, fintech, mobile money