Digital payments
How Digital Payments could Foster African Development
The World Bank has estimated that Africa could potentially hold 90% of the global poor population by 2030 and has recently cut its economic growth predictions to between -2.1% and -5.1% in 2020 from the 2.4% of 2019. The situation has been significantly worsened by the global pandemic, as the continent hits its first recession in 25 years. But this is not the picture that defines a continent that has long defied expectation and prediction. In fact, a young population, a growing consumer market, and the rapid movement towards mobile inclusion and connectivity are shifting the conversation. Africa is poised on the cusp of change introduced by mobile and internet technology. Africa has undergone a remarkable journey over the past 30 years. It has not only leapfrogged legacy technolo...
WhatsApp launches first digital payments feature
Facebook on Monday added a digital payments feature to its WhatsApp messaging service, starting in Brazil but with an eye to expanding around the world. WhatsApp users in Brazil can use the encrypted mobile messaging service to send money or make purchases, Facebook said in a blog post. It marked the first time the payments platform used at the leading social network was woven into WhatsApp. People will be able to send money or make a purchase from a local business without leaving their chat, the company noted. “Payments on WhatsApp are beginning to roll out to people across Brazil beginning today and we look forward to bringing it to everyone as we go forward,” the service said. Sending money or making payments is a free option for WhatsApp users, but businesses will be charged a processi...
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