TAILIEUCHUNG - Mobile Payments go Viral:  M‐PESA in Kenya 

More recent congressional action has focused increasingly on improving the eff iciency of the payments system by encouraging increased use of technology. In 1987, Congress enacted the Expedited Funds Availability Act (EFAA), which gave the Board, for the f irst time, the authority to regulate the payments system in general, not just those payments made through the Reserve Banks. The Board used its authority under the EFAA to revamp the check-return system, improve the presentment rights of private-sector banks, and establish rules governing the time that banks can hold funds from checks deposited into customer accounts before making the. | Mobile Payments go Viral M-PESA in Kenya Ignacio Mas and Dan Radcliffe Bill Melinda Gates Foundation1 March 2010 Abstract M-PESA is a small-value electronic payment and store of value system that is accessible from ordinary mobile phones. It has seen exceptional growth since its introduction by mobile phone operator Safaricom in Kenya in March 2007 it has already been adopted by 9 million customers corresponding to 40 of Kenya s adult population and processes more transactions domestically than Western Union does globally. M-PESA s market success can be interpreted as the interplay of three sets of factors i pre-existing country conditions that made Kenya a conducive environment for a successful mobile money deployment ii a clever service design that facilitated rapid adoption and early capturing of network effects and iii a business execution strategy that helped M-PESA rapidly reach a critical mass of customers thereby avoiding the adverse chicken-and-egg two-sided market problems that afflict new payment systems. 1. M-PESA in a Nutshell 2 M-PESA was developed by mobile phone operator Vodafone and launched commercially by its Kenyan affiliate Safaricom in March 2007. M-PESA M for mobile and PESA for money in Swahili is an electronic payment and store of value system that is accessible through mobile phones. To access the service customers must first register at an authorized M-PESA retail outlet. They are then assigned an individual electronic money account that is linked to their phone number and accessible through a SIM card-resident application on the mobile Customers can deposit and withdraw cash to from their accounts by exchanging cash for electronic value at a network of retail stores often referred to as agents . These stores are paid a fee by Safaricom each time they exchange these two forms of liquidity on behalf of customers. Once customers have money in their accounts they can use their phones to transfer funds to other M-PESA users and even .

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