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Wednesday, September 30, 2015

Kenyan market ripe for digital wallet innovations

A new global Mastercard study has revealed a growing demand for digital payment innovations.
Mastercard Division President Daniel Monehin (left), Diamond Trust Bank CEO Nasim Devji (second left), KCB Group CEO Joshua Oigara (second right) and Nakumatt Holdings Managing Director Atul Shah (right) in a past function. A new global Mastercard study has revealed a growing demand for digital payment innovations. PHOTO | DIANA NGILA | NATION MEDIA GROUP 
By WINFRED KURIA
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Digital payments in Kenya have grown exponentially over the last two years with digital cards serving more than 10 million users, a new MasterCard study reveals.
MasterCard Social Listening Study analysed over 10,000 online conversations in seven countries including Kenya, Nigeria, the United Arab Emirates, China, India, Malaysia, and Indonesia between May 1 and July 30, 2015 to learn what payment innovations these markets were adopting.
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Expansions in mobile telecommunications and easy availability of mobile phones in the market have facilitated digital payment innovations.
And with the acknowledgement of a fast moving telco market, Kenya is ripe for innovation with over 10 million card users riding on the MasterCard technology.
“Kenyans are looking for newer and more convenient ways to pay provided it is secure and easy to use. From mobile payments to contactless technology, MasterCard’s innovations are changing the way people pay for everyday items, providing unrivalled levels of ease and convenience,” said Anthony Karingi, Mastercard's East Africa executive.
The country is among emerging markets with high online conversations on digital wallets pertaining to payments.
The volume spikes were driven by both local and international mentions of digital payment brands.
MasterCard also evoked immense discussions online when it announced the use of facial recognition software that will allow the use of a selfie to complete digital transactions.

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