‘Kenya ripe for digital payment innovations’

MasterCard Hkan Dahlstrm FlickrThe fast growth of mobile technology in Kenya has led to digital payment innovations, said the report. (Image source: Håkan Dahlström/Flickr)A new study by MasterCard shows that digital payments in Kenya have grown manifold in the last two years, with digital cards now serving more than ten million users

The MasterCard Social Listening Study analysed over 10,000 online conversations in seven countries including Kenya, Nigeria, the United Arab Emirates, China, India, Malaysia and Indonesia between 1 May 2015 and 30 July 2015 to learn about the payment innovations being adopted in those markets.

The study found that the expansions in mobile telecommunications and easy availability of mobile phones in the Kenyan market have facilitated digital payment innovations. The fast moving telecommunications market also makes Kenya ripe for innovation in digital payment systems, with more than ten million card users using MasterCard technology.

“Kenyans are looking for newer and more convenient ways to pay, provided it is secure and easy to use. From mobile payments to contact-less technology, MasterCard’s innovations are changing the way people pay for everyday items, providing unrivalled levels of ease and convenience,” said Anthony Karingi, an executive for East Africa at MasterCard.

Kenya is among emerging market countries with high levels of online conversations on digital wallets pertaining to payments. MasterCard had evoked some of those online discussions when it had announced the use of facial recognition software that will allow the use of a selfie to complete digital transactions.

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