M-Pesa travels to Rajastan – another step for e-wallet solutions
M-Pesa, which was developed by Bristish multinational, Vodafone, is a product of e-wallet technology, which facilitates mobile payment and the transfer of money, without banking limitations. Customers need to have a mobile phone and valid identification and then with an SMS, can send and receive money and pay bills.
It has now been introduced in Rajasthan, India, by ICICI Bank and Vodafone. This is, of course, not the first step for M-Pesa in developing countries/cities: Bihar, Kolkata and other parts of east India, have had access to the product since April this year, not to mention its presence in Kenya since 2007. Recent activity, earlier this month occurred when Bitcoin partnered with M-Pesa to introduce the virtual currency that we have come to know so well, to M-Pesa users. This sure could constitute a very nice boost for Bitcoins’ exchange volume as M-Pesa is extremely widespread there and used by people who do not necessarily have access to credit cards or even bank accounts.
Given that there is a banking presence in less than 5% of Indian villages, the launch of alternative payment methods in Rajasthan and other such areas in India and around the world, could potentially bring new and unknown possibilities to remote worlds, where technological convenience is not a forgot novelty.
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When interviewed, Jayesh Gadia, Business Head of Vodafone India, commented on the launch of M-Pesa saying: “M-Pesa, is a safe, secure and convenient service to transfer money and make payments beyond the reach of traditional banking channels. For households where the earning members migrate to larger cities for earning livelihood, M-Pesa will be the best way to send money back home to their families.”
From the perspective of online merchants, M-Pesa is surely extending the e-commerce market to places and people that were not previously available. Services for e-merchants to initiate payment receiving possibilities through M-Pesa, like LIPA NA M-PESA, have thus been created to bring merchants into the fold.