Best eWallets in Kenya [2022]

Best eWallets in Kenya [2022]

by | Jun 22, 2022 | 0 comments

Best eWallets in Kenya

Transformation in Financial Services of Kenya in the 21st Century

While the technology of eWallets, which nowadays is a fixated feature in most smartphones isn’t new but dates back to more than a decade earlier when the story in Kenya began in 2007. Kenya is one of the emerging Fintech hubs of South Africa and also the earliest adapter of mobile technology.

The major reason behind this mass adaption of eWallets in Kenya and its use case was workers who were working in the city and had to send money to their belongings in the village. It has been reported that almost 2.8 trillion Kenyan Shillings were transacted through this mobile wallet platform in 2015, which equals almost 44% of the total GDP of the country for the same year.

Online Payment Platforms in Kenya

Some of these online payment solutions that are widely used in Kenya nowadays are:

  • Skrill: It is one of the best online payment platforms used in e-commerce. It lies among the list of top ten payment platforms used in Kenya. Just like PayPal, Skrill also allows the transfer of money from the Skrill account M-Pesa account.
  • Neteller: It is one of the most extensively used electronic wallets in the world, offering a diverse range of benefits to its clients.
  • MuchBetter: It is an innovative and Nobel prize electronic wallet. Our sector e-wallet allows the device to retain, transfer, and transfer the money.

Other online payment options include,

  • PayPal: It is the simplest online payment solution that is used worldwide in more than 230 countries and also supports almost 25 currencies. In Kenya, the users can also shift their deposited funds from Paypal to M-Pesa wallet and vice versa. As of 2020, It is ranked as one of the leading online payment solutions in Kenya.
  • Pesapal: It is beyond the best payment methods implemented in various African countries along with Kenya. It is a far better and more secure platform for the sender and receiver of money.
  • DPO: DPO stands for Direct Pay Online. This E-wallet solution for online payment is also common all over Africa. This solution supports businesses by facilitating them with all-currencies and all-payment solutions. The users of this payment solution can make payments with their choice of currency and besides this, it can also be added to debit and credit cards.
  • iPay: This is among the top Online payment solutions in Kenya used today, this is supported by Visa Card, Master Card, Equity, Airtel, and Equitel. Through an e-lipa wallet, it is possible to make local as well as international transactions.

Other than this, there are many other platforms as well such as PayU, Dusu Pay, Rave, etc. that have penetrated their existence in the market.

First-ever Digital Wallet in Kenya

M-Pesa is the very first and one of the highly successful mobile banking solutions for payments, money transfers, and other transactions. It was initially launched in Kenya in the earliest of 2007 and since then, the platform has gained so much popularity that almost 16 million people in Kenya which accounts for two-thirds of the adult population have registered to avail of this service.

Through this service, a user can easily make transactions through their mobile phones without having to carry around the cash all over from one place to another and without even having to remember the details of their banking account each time they intend to make a transaction. With this revolution, there are many other online payment solutions that have also been introduced besides M-Pesa.

Changes in Kenyan’s Prospects

Currently, almost 66% of sub-Saharan citizens of Africa have shifted towards no-traditional bank accounts and the most important element that fills this puzzle is the mobile money platforms/eWallets, particularly after the regulations against the mobile operators and the payment providers in Kenya have been erased by the Kenyan Government.

Since the launch of M-Pesa, a significant portion of Forex Trading brokers in Kenya have adapted M-Pesa payment technology in their operations. Even though, it hasn’t yet penetrated the whole market yet this innovative digital technology has played an important role in making Kenya a leader in the domain of financial innovation in Africa.

0 Comments

Submit a Comment

Your email address will not be published.

Related posts

How To Deposit Money to ecoPayz [2022]

How To Deposit Money to ecoPayz [2022]

There are many ways for users to add funds to their ecoPayz wallets. In this article, we'll go through the most popular ways to deposit money to the ecoPayz wallet. How To Deposit Money to ecoPayz Follow the guidelines below to start depositing money into your wallet....

Best eWallets in Uganda [2022]

Best eWallets in Uganda [2022]

Best eWallets in Uganda The Bank of Uganda is one of the organizations striving for a cashless society. Smartphone technology has made mobile money services (MMS) more viable, and efficient MMS adoption has benefited Uganda's financial inclusion in both rural and...

Best eWallets in South Africa [2022]

Best eWallets in South Africa [2022]

Best eWallets in South Africa Growing Demand for Digital Money and eWallets in South Africa Africa has become the home to mobile money where the trends of digital wallets and digital applications can be seen in full swing. Some of the major reasons behind this...

Best eWallets with Debit Cards [2022]

Best eWallets with Debit Cards [2022]

eWallets with Debit Cards Digital wallets are online payment systems that typically take the shape of an app. Since the wallet keeps virtual versions of debit, you shouldn't need to enter your card data or carry a physical card to make transactions. You might even...

Best eWallets in Nigeria [2022]

Best eWallets in Nigeria [2022]

The implementation of digital wallets has aided in transforming Nigeria into a cashless transaction and overcoming the sense of uncertainty and widening the digital economy. We've lately seen the rise of a variety of digital wallets designed to address the...

Top eWallets in Malaysia [2022]

Top eWallets in Malaysia [2022]

Top eWallets in Malaysia eWallet is one of the most well-known electronic payment methods available currently. Several nations have already made electronic wallets available to their clients as an element of their everyday purchasing transaction choices. In Malaysia,...

How to Withdraw Money from Skrill [2022]

How to Withdraw Money from Skrill [2022]

How to Withdraw Money from Skrill Skrill is an electronic wallet that allows users to do business, transfer cash, and make payments over the internet. It was launched in the United Kingdom in 2001, and PaySafe Group acquired it for $800 million USD in August 2013....

How to Withdraw Money from Neteller [2022]

How to Withdraw Money from Neteller [2022]

How to Withdraw Money from Neteller In the realm of digital wallets, Neteller is a household brand right now. The Paysafe Group, formerly known as Optimal Payments PLC, owns and operates it. It began as a payment option in a small number of nations when it was...

Virtual Visa Prepaid Card Commenced in the USA by Skrill [2022]

Virtual Visa Prepaid Card Commenced in the USA by Skrill [2022]

Virtual Visa Prepaid Card Commenced in the USA by Skrill Skrill, a leading digital wallet service, has launched the virtual version of its Visa Prepaid card for consumers residing in the United States. Skrill USA consumers can now make purchases online using the...

Best eWallets in Uganda [2022]

eWallets for Gambling [2022]

eWallets for Gambling eWallets are virtual accounts that allow players to transfer money (deposits and withdrawals) between them and licensed gaming companies. New systems, varied game types, unique championships, incentives, and various payment options for...