Wireless system 'simplifies' payments

Oct 11, 2010

A new platform that makes use of wireless systems looks set to simplify the process of paying for goods and services in Kenya.

Launched by Paystream, the offering is expected to bring down the cost of making card and cash payments for retailers, the Daily Nation reports. In addition, it will allow consumers to add credit to their mobile phones and pay utility bills.

"The Paystream platform will enable merchants to shorten the transactional time, eliminate risk exposure through cash-based transactions and increase additional revenue through commissions," Chief Executive Officer of the company Sam Ndegwa was quoted as saying. Current systems rely on dial-up communication over telephone lines and their effectiveness is limited by vandalism of telephone cables.

Technology has also aided the development of mobile banking in Kenya as the news source stated one service - Equity Bank's M-Kesho - had 6,000 subscribers as of early September after being launched in May.