In the days of our great grandparents, forefathers and mothers, barter trade was the mode of payment. This involved the exchange of goods and services for other goods and services.
Barter trade was replaced by ‘cash money’ that allowed people to pay for goods and services in cash. This revolutionized trade and business as someone would pay for the exact value of the product and service that she/he was purchasing.
Even though cash payments have been very popular, they continue to reduce by the day thanks to new solutions being introduced on the market.
Developed economies are largely cashless while developing countries like Uganda are equally heading that direction. www.cardguru.com defines a cashless economy as a financial environment that minimizes the use of physical cash by providing alternative channels for making payments and fosters a clean and digital economic culture. Under such a culture, people prefer electronic money and transactions to moving with hard cash.
This culture is fast growing in Uganda with hundreds of people now comfortable paying for goods and services using digital payments in addition to saving more in banks and mobile phones.
In the 2019 Digital Impact Awards Africa, five payment solutions are competing for the overall honour of best mobile payment. Listed not in any particular order, they are PESAPAL, Beyonic, Payway, MTN MoMopay, and Pebuu.
Pebuu is a digital solution for Payments, Recharge, Travel and Ticketing Services that started in Uganda before venturing in other African markets. Its channels include Pebuu Mobile, Pebuu Kiosk, Pebuu Cash, Pebuu Web Portal and Pebuu POS Terminal
Payway enables online, non-cash payments for airtime, utilities like water and electricity, pay TV, Internet, Events Tickets, NSSF contribution and school fees along others. It has presence across Uganda and several other African countries.
Business Beyond Cash – Beyonic is enabling timely individual and bulk payments in addition to collecting payments on behalf of a receiver via the Collect Funds Via Mobile feature. Thanks to its integration with Mobile Money and Banks, Beyonic passes as a complete last mile finance management digital solution with over 10 million annual beneficiaries.
MTN MoMoPay is a cashless payment system that enables customers to pay for their goods and services directly from their mobile money accounts at any merchant who has been registered for the service at no extra cost. All one does is simply dial *165*3# or use the MyMTNApp and thereafter enter the merchant code as displayed at the Merchant premises. It currently has over 100,000 active merchants including supermarkets, fuel stations, pharmacies, restaurants, salons, kiosks and bars.
Operating under the slogan ‘pay, shop and receive payments’, Pesapal is a payment gateway that enables a customer to make payments (for items such as airtime and pay TV) using Mobile money, Cards and/or Mobile banking. It is now operating in up to 7 African countries including Uganda.
The overall winner for Best Mobile Payment will be determined by a Jury/Research Panel assessment and public survey/vote.
Under the theme #IncludeEveryone, Digital Impact Awards Africa is a platform that promotes Digital Inclusion, Financial Inclusion and Cybersecurity. Precisely; the Awards seek to recognize, celebrate and appreciate different individuals and organizations that are spearheading the use of digital mediums to better serve their communities.
HiPipo looks forward to host all the nominees and other players come 20th September 2019 at Kampala Serena Hotel. Contact the #DIAA2019 team to book your attendance package Standard ($1,595) for awards attendance Or Corporate ($3,450), Corporate Branded ($5,200) that will give you access to Include Everyone – Digital and Financial Inclusion Summit and Panel discussions with Digital Leaders.