In a market where it was previously unheard of for people to trust a mobile network operator with their money, Vodafone’s M-Pesa has carefully built confidence with consumers and grown over the last ten years into a financial service that is relied upon by millions of customers every day, mobile money pioneer Michael Joseph explains in this Q&A with What’s New in Payments editor Rian Boden.
Joseph, the founding CEO of Kenyan mobile network operator Safaricom and director of mobile money at Vodafone Group, discusses how M-Pesa works, how it has changed over the last decade and reveals some of the key lessons learned from deploying one of the world’s most successful mobile money services.
He then talks about what’s next for the service, and how he expects it to continue to grow and adapt to changes in the market over the years to come.
“Mobile money is still a nascent market, and we are learning all the time,” he explains. “Innovation is key for any business, especially in a new and fast-changing industry such as payments.”
This eight-page article forms part of the second edition of NFC World’s What’s New in Payments report.
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This eight-page document is available free of charge to NFC World Knowledge Centre members (PDF format, 1.2MB).
This item is part of What's New in Payments.