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
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.
IMPROVED INFRASTRUCTURE
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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