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Asia Pacific leads the way as mobile payments head towards US $1 trillion
Mobile payments globally will rocket to US$1 trillion in value by 2017, up from an estimated $500 million this year.
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- Asia Pacific
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10 startups that are attempting to unseat cash through digital payments in India
In India, 95% of all payments have been made through cash - but a number of factors could catalyze a digital shift.
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- South Asia
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- digital payments
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M-Pesa and the Rise of the Global Mobile Money Market
Most people probably don’t think of Kenya as an innovation and technology hub, but in 2007 it became the launching pad for M-Pesa, a transformativemobile phone-based platform for money transfer and financial services. Since then, M-Pesa has undergone explosive growth: in 2013, a staggering 43 percent of Kenya’s GDP flowed through M-Pesa, with over 237 million person-to-person transactions. M-Pesa is nearly ubiquitous in the daily lives of Kenyans due to a range of services that include money deposit and withdrawal, remittance delivery, bill payment, and microcredit provision.
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- Sub-Saharan Africa
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Mobile Money Service a First for Burundi, ‘Just Like an Instant Message’
London-based money transfer services provider WorldRemit has partnered with Zimbabwe-based EcoCash service to launch instant mobile money transfers in Burundi.
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- Sub-Saharan Africa
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Mobile Wallet Fraud Set to Rise in India: Deloitte
As E-commerce firms continue to become popular and more people have started using online payments, frauds in mobile payments too are increasing, said a report from Deloitte India.
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- South Asia
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- digital payments
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Ecuador Is the World’s First Country With a Public Digital Cash System
The runaway success of mobile money products like M-Pesa, which first took off in Kenya, has inspired dozens of copycats around the world. Many countries in Africa, Asia, and Latin America now have services allowing people to store and transfer money using their cellphones. But there's something different about Ecuador's new Sistema de Dinero Electrónico. It's being operated not by a private phone carrier or financial company, but Ecuador's left-leaning government.
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- Latin America
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- digital payments
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India’s Paytm Passes 100M Users
Indian firm Paytm, whose parent is backed by Ant Financial, claimed it is the first mobile wallet in the country to pass 100 million users.
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- South Asia
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- digital payments
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Visa to launch payments service for mobile phones in September in India
Close on the the heels of MasterCard launching a digital wallet for Citibank India customers, rival global payments gateway Visa will be starting a new payments service for Indian customers in September.
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- Uncategorized
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- South Asia