Why Bitcoin Will Beat Mobile Payment To Its Game In Africa
Indications are rife that Bitcoin use will grow in parts of Africa in the coming years in the mobile payment market which Statistics says is expected to grow to 101.34 million users in 2016. EY's attractiveness survey Africa 2015 says capital investment into Africa between 2013 and 2014 surged to $128 billion, up 136% and foreign direct investment FDI created 188,400 new African jobs at a 68% increase. Co-founder of Chankura in South Africa, Thabang Mashiloane, says they have discovered that ±13% of the $128 billion has been flowing within Africa in remittances and the large number of the....
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According to the World Bank’s Global Financial Inclusion Index, Africa has the highest mobile money adoption rate in the world. Worldwide, only 2 percent of the population possesses a mobile money account; in Africa, 12 percent of the population uses mobile money. Africa’s affinity for mobile money is one of the main reasons why many members of the Bitcoin community believe that the region is fertile ground for bitcoin adoption, especially to meet the needs of the large underbanked population that often relies on mobile money to send and receive payments. However, the reality is that....
Commentary by Giulio Prisco. Google has announced an upcoming mobile payments framework called Android Pay, Forbes reports. Android Pay will not be a separate payment app, but a platform that enables developers to integrate mobile payments into their apps using an API layer. Google's senior vice president of Android, Chrome and Google Apps Sundar Pichai announced the upcoming payment platform at the Mobile World Congress in Barcelona."We are doing it in a way so that anybody else can build a payments service on top of Android," he said at a press event. "In places like China and Africa, we....
The CEO of one of Kenya’s biggest lenders has argued there is a possibility cryptocurrencies will complement mobile money in Africa but first, there is a need to convince regulators of their benefits.
African Regulators’ Stance on Crypto
Cryptocurrencies can potentially complement mobile money in Africa if regulators on the continent are made to change their perceptions of the digital currencies, the boss of one of Kenya’s biggest lenders has said. According to James Mwangi, CEO of Equity Group Holdings Plc, central banks first need to be convinced of the....
The Bitcoin remittance business is blowing up all over the world. South African financial website moneyweb brings us the report directly from the oldest continent. The conditions that led to El Salvador making Bitcoin legal tender are present all over Africa. The people are unbanked but everybody has mobile phones. Plus, the diaspora is huge and sends money home constantly while big companies rob them blind with high fees. Related Reading | Is Largely Unbanked Africa Primed for Bitcoin Adoption? “The African continent has many opportunities for widespread Bitcoin adoption. One of....
South African payments provider Wallettec has partnered with BitPay to integrate bitcoin with its point-of-sale (POS) payment platform. The company worked with South African BitPay affiliate Bitcoin Payments to allow merchants using its platform to accept bitcoin payments via in-store POS devices. The new partnership is an important step forward in bringing bitcoin to brick-and-mortar retailers in South Africa. Wallettec's founder Johan Meyer told CoinDesk that "this is the first time anybody has integrated bitcoin point-of-sale and allowed merchants to accept bitcoin payments from almost....