Despite the growth of mobile money in the country, Kenyans are apparently having a hard time to accept digital wallets. With brands like M-PESA putting us on a global scale, others like ApplePay, Android Pay and WeChat have not been as popular in Kenya. A new study by LeanrBonds.com revealed this.
On the other hand, countries like Nigeria and South Africa lead in the adoption of these modes in the continent. Globally, China leads in the adoption of these wallets India and Nigeria on top of the list. To lead the list, over 70% of those surveyed in China admitted to using e-wallets on a regular basis.
However, one should not be shocked by this as Kenyans still lead when it comes to mobile money adoption that works pretty much the same as these online solutions. What sets us behind is the slow penetration of the internet and smartphones across the country.
Unlike mobile money which can be accessed through USSD codes, one needs a smartphone and internet connection to use the digital wallet applications on their phones.
Furthermore, there is also a limited number of local traders and businesses who accept payment from the digital wallets.
“The global shift towards a cashless society presents a huge opportunity for mobile wallets, with millions of people using this payment method. Mobile wallets wiped out the need for carrying money while reducing the chances of theft or losing currency. These conveniences are expected to continue driving the impressive market growth, in both consumer and the business segment,” said the report.