16 May Mobile Payments for eCommerce Trumps Credit Card in Kenya

In the first world, credit cards are the kingpin payment method.  They say cards are replacing cash but is that right.  In Africa it’s currently not card that’s trumping cash.  Cash is still very much the currency of choice.  But in Kenya for example, its mobile payment methods that are trumping card.

They say in developed economies, “It’s all in the cards–the days of cash and carry are long gone.”  This doesn’t stand for the emerging markets in Africa which are growing at 7% plus.

And to make it more interesting, credit card just doesn’t cut it yet in African countries like Kenya and Nigeria when it comes to online payment.  In Kenya its M-Pesa for online and eCommerce payment.  In Nigeria it’s Debit Card with PIN for mCommerce and eCommerce payment.  These are both linked to African Payment Solutions payment gateway.

Even better is that multinational eCommerce merchants can link to African Payment Solutions for a one-stop shop payment service without having to set up bank accounts in Kenya and Nigeria.  The complete acquiring service is provided and the money repatriated to the merchant HQ.

The burgeoning Millennial market in developed markets use debit and credit card more than alternative payment methods.  In Kenya for example, most millennials have M-Pesa, so this consumer niche, hungry for global goods and services are ready and waiting to buy.  They can pay with M-Pesa which almost everyone has.  All of them know how to use it and use it frequently.

So multinational merchants can now sell to Millennials in Kenya and get paid online for eCommerce with M-Pesa, without the hassle of setting up in-country.  It’s all done by the African Payment Solutions team.