real money meets e money
Post on 23-Jan-2015
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Real Money Meets E-Money
Successes and Challenges
New way of efficiently doing old things …
Novel service..... high expectations
What have we achieved….. 3+ years
Expanded product propositions…..
SUPERMARKETSSUPERMARKETS
FIXED-LINE FIXED-LINE COMMUNICATIONSCOMMUNICATIONS
PAYMENT PAYMENT TERMINALSTERMINALS
FILING FILING STATIONSSTATIONS
MOBILE MOBILE COMMUNICATIONSCOMMUNICATIONS
MUNICIPAL MUNICIPAL SERVICESSERVICES
INSURANCEINSURANCE
TRANSPORT AND TRANSPORT AND LOTTERY TICKETSLOTTERY TICKETS
BANKSBANKS
BILL PAYMENT AND ACCOUNT BILL PAYMENT AND ACCOUNT REPLENISHMENTREPLENISHMENT
VIA PAYMENT ACCEPTANCE VIA PAYMENT ACCEPTANCE OUTLETSOUTLETS
DIGITAL DIGITAL TELEVISIONTELEVISION
Expanded product propositions…..
• Transactions & Queries• Account related requests• Portfolio Management• Fund Transfer• Card services• Statements• Quotes/Feed• ATM/Branch Search
Banking
Payments
• P2P and P2M payments• Remittance• Mobile wallet transfers• Mobile airtime top-up• Utility Bill payments
Commerce
• Rail/Bus/Air Ticketing• Shopping• Movie/Match/Event Ticketing• Merchant payments• Loyalty coupons
E-money
These and many more…..
Transaction Volume Trends
Transaction Value Trends
Ver 1.0 10
53% use it to send and receive cash
$3.5bn annual transaction volume
Top customer need is to earn interest
By 2015 it will be about 40% of total revenues
Some Examples MPESA, GCASH, Smart Money
Service availability…..
Investment in people and robust systems to ensure uptime and reliability of service
…. life changing service
Created employment opportunities
Additional income stream to business owners
Convenience
Our major challenges…..
Cash Culture : Consumers used to cash transactions and exposed to only low levels of banking and electronic channels
Consumer trust : Public trust in the security & reliability of mobile money service must be established
Regulation : Specific guidelines for Mobile Financial Services to make Telcos more autonomous in the delivery of the service
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Our major challenges…..
Limited ecosystem: Slow partner recruitment. Need merchant / businesses to embrace mobile payments and e-value as a medium of payment
Agent network: critical need to make e-value easily accessible to customers by strategically growing agent network
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Low awareness: General service awareness remains low. Collaborative effort and significant investment required to drive awareness and facilitate trial and adoption
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Forging ahead…..
thank you
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