Kenya among leading nations on mobile payment
The results of the study identifies Singapore as the most advanced market in the Index, essentially due to the combination of outstanding mobile phone and banking infrastructures. Singapore is also a perfect example of a mature use of the smart card and secure transactions technologies. Singapore has embraced smart cards from the 1990s, with implementations of all sorts of applications from payment to telecom, including identity. One cannot be surprised a strong financial place, backed by an efficient regulatory system, with a mature smart card market is #1 in terms of mobile payment readiness.
Canada and United States come next. Canada enjoys a well developed infrastructure at POS, especially thanks to the recent EMV migration, and a population willing to willing to use mobile devices to make Internet purchases. On the other hand, US consumers are especially aware of mobile payment systems and the country is bound to benefit from its efficient telecom infrastructure.
Interestingly, the #4 in MasterCard MPRI is Kenya. Smart Insights Weekly regular readers already know Kenya is recognized as a leader in terms of mobile payment and mobile money transfer adoption. MasterCard analyzes that the success of mobile payment is partly due to a lack of a traditional payment infrastructure. Out of the 34 countries surveyed by MasterCard, Kenya demonstrates the highest familiarity with P2P payments and with mobile payments at point of sale. MasterCard ranking Kenya as #4 is the recognition by the payment industry that mobile network operators are a major driving force for the adoption of mobile payments.
Let us join MasterCard in their conclusion on the MPRI index: not two markets are alike!