Despite the little conveniences it offers, I bet many will agree that a wallet is not the most pleasant thing to carry around. And using physical cash isn’t any more fitting. So when I joined Beyonic at the start of last year, I was inspired to rid myself of the wallet completely and use mobile money as much as possible.
Now in the developed world where credit cards are the order of the day this wouldn’t seem like a compelling experiment. However things are a lot different here in Kenya, with the country being every journalist’s and researcher’s go-to mobile money case study. And in the meantime a growing number of developing countries are with mixed results easing out of the paper money economy.
Nearly 60% of Kenyans use MPESA, transacting over Sh15Bn daily. More and more businesses are adopting Lipa Na MPESA, a service that allow customers to use the service to pay for goods and services. You can drive through a petrol station for example and use your phone to pay. Or dine at a restaurant without worrying how much physical cash you have in your pocket.
However, integration for businesses is still a tedious process for business. Customers are also in pain because the payment procedure is a 4 step process that requires you to memorize a bunch of numbers to complete the payment as @kiriuk discusses here. The many times I’ve been the anxious guy holding up a line at Nakumatt One can only act oblivious to the angry stares and dial away.
Beyonic is FinTech company that allows you to go mobile across your business operations and digitize your payment workflow. As a businesses you can make and receive payments in different networks across multiple African countries.
One of the obvious problems we solve is the frustration customers go through with making payments. So that instead of going through multiple screens to make a payment you simply give the cashier your phone number and you get a popup on your phone where you only enter your PIN and the payment is complete. This doesn’t require any technical expertise to get started, but businesses can also make use of the straightforward Beyonic APIs to integrate with the various services.
Electronic payments even in our developing world (thanks to the success of mobile innovations) have become an integral part of our lifestyle. It’s therefore imperative to always improve the user experience.
If you still need inspiration to let go of your own wallet here’s a little nudge: studies have shown wallets might be responsible for your back pains.