Vodafone adds another feature to its Paytm rival, M-Pesa
“M-Pesa Pay is a new feature which we’re adding on to M-Pesa to enable ease of transactions between merchants and customers. M-Pesa Pay is really a merchants product,” company managing director and chief executive Sunil Sood told reporters here.
He said the feature works like a substitute for the capital-intensive point of sale machine, and merchants will have to download the application once, which can help them do cashless transactions with customers swiftly.
Vodafone’s mobile wallet M-Pesa has been in existence for many years now and is also one of the 11 entities chosen by RBI to launch a Payments Bank. Sood said it has 8.5 million customers, who did transactions of Rs 860 crore for the quarter ended September 2016.
The Government’s surprise move to scrap high denomination currency on November 8 has led to an increase in the alternative cashless transactions using the digital channel.
M-Pesa has already been working with ten state governments for direct benefit transfers, enabling cash collections at 450 locations and partnered with microlenders for loan disbursals and EMI collections.