31 October 2014

Ritesh's Perspective

Ritesh Agarwal - On My Own

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Payments strategies 2015-2020-2030

Payments systems visions, strategies, trends, pilots, forecasting, and planning for the short-, medium-, and far-term.
A post relating to this item from Finextra:

As Equity Bank preps rival, Safaricom slashes M-Pesa fees

20 August 2014  |  4316 views  |  1
Kenyan telco Safaricom is slashing its transaction fees for low value person-to-person payments made using its wildly popular M-Pesa mobile money service.

No one needs Wallet...then what is the need of people

22 August 2014  |  2088 views  |  0

Question to all bank CEO: Why Ýour' Bank is not encashing on their strengths and why wallets are taking birth like dime-a-dozen.

Wallets would survive only in that country where cost of banking transaction is very high and the user needs cheaper alternative. Example: Any african country.

All concepts like unbanked, financial inclusiveness are gimmick. Africa is a success story for wallets because African banks are ripping people with all sort of obnoxiously high charges/fee. They created their own enemy (like mPesa) and now amusingly Equity Bank has applied for VNO license. I am surprised...who advises such moves. It is laughable that in US/UK, we expect a person to own a mobile but not have a bank account....and then we offer wallet. Folks... which world are we living in and whom are we fooling. 

Kenyan banks already have an existing infra-structure, wherein they can beat any Telco on their own turf....and bingo... with zero cost of transaction. Are Kenyan banks aware of it...?

Unfortunately, rest of the world is disillusioned by mPesa and similar examples and they are burning investors' money...offering a wrong solution to an unknown problem.

Need is not a wallet...but need is a payment system. I hope wise people can make out the huge difference. mPesa is not behaving as a wallet...but it has become mode of payment...for all purposes.

Banks had and would continue to have significant advantage in mobile based payments...be it meaningless wallet or else. It is just they need to see it in front of their eyes...already existing.

 

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name

Ritesh Agarwal

job title

Senior Management

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On My Own

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Bangalore

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