News

03.11.2011

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La Rédaction

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The success of the M-PESA mobile banking grew out of a bus ticket

Source : Fast Compagny

M-PESA is the mobile banking service that rocks in Africa, allowing peer to peer mobile money transfer. The American magazine Fast back on the unlikely rise of the “mobile banking” giant, which could very well miss a great idea… not a stolen bus ticket.

At its conception, M-PESA intended to be a service allowing to receive and repay microloans by mobile phones. But when a participant of the future mobile service test was stolen for a bus ticket, her husband used the experimental M-PESA service to transfer money to her directly: a microloan she used to pay her bus ticket. Briefing, M-PESA team realized handing a new and powerful alternative bank tool

« During the commercial test, we were supposed to limit ourselves to microfinance, but we decided secretly to launch a peer to peer money transfer feature” said Paul Makin, one of the creators of the Vodaphone’s project (operator).

After seducing more than 6 million customers in Kenya, M-PESA, for which peer to peer money transfer has made the success, has been launched in India.

traduction : Guillaume Blandin

This article is part of the special report: