Kenya’s biggest cell phone carrier has launch a new payment service called M-Pesa. Kenya’s 8 million cell phone subscribers can now use SMS to send and receive money by cell phone. When someone receives a SMS money transfer they then go to an authorized retail establishment to get their money. Service is a cross between PayPal and Western Union. More on Cell Phone Money transfer Service
Posts Tagged ‘Payments’
New Cell Phone Money Transfer Service
Wednesday, March 21st, 2007Businesses Reducing Their Reliance On Checks To Make Payments
Sunday, October 22nd, 2006A 2005 survey resulted in 66 percent of businesses saying that more than half of their payments were by check. In 2006 the percentage is only 40 percent. Over half of all businesses are now using corporate payment cards. 44 percent of businesses now accept payment cards from other businesses. I see businesses using direct deposit to pay other businesses, too. See PaymentsNews’ posting B2B Payment Trends for more information.
Update. Tower Group survey found “Online bill payment increased at a compound annual growth rate of 29.6 percent from 2005 to 2007, and TowerGroup believes it will continue to grow through 2012 – albeit at the lower compound rate of 18.7 percent. Businesses are increasingly use a combination of debit and Automated Clearing House (ACH) electronic payments for smaller-dollar items. B2B checks are still be used for larger purchases. See RemoteDataCapture.com’s posting TowerGroup Expects US Check Volumes Will Decline to 17.9 Billion Transactions by 2009, but Will Remain Major Payment Type Due to Business Use.
Back to Electronic Cash Resources.
Pay For Products With Your Cell Phone
Wednesday, May 31st, 2006Several other countries such as Korea and Japan are far ahead of the U.S. in using cell phones to pay for goods and services. Now Cyphermint is offering a mobile payment service in the U.S. for cell phone users.
Instead of Cyphermint describing their new PayCash service as an eCommerce solution they are calling it a mCommerce solution. “m” for mobile. Basically the wireless payment service works by the consumer creating a payment list of merchants. Once the merchant list is created, the cell phone user can pay merchants that are on their list for goods and services in seconds using their cell phone. See AllPayNews posting: Cyphermint Launches PayCash Mobile for more details.
