Azimo, the online money transfer service, today announced that customers across Europe can now send money instantly to the mobile “eWallets” of M-PESA’s 19 million subscribers in Kenya.
Kenya boasts one of the highest global rates of mobile banking, with around 60 per cent of all Kenyans sending or receiving money via their smartphone. Between January and February 2013 almost 100 million mobile banking transactions were recorded totalling $3.3 billion.
Central Bank figures show Kenyans living abroad sent US$1.38 billion back home in 2013. Azimo’s new service means that tens of thousands of Kenyan migrants can now send money home to support their loved ones at a lower cost than other services.
Azimo offers rates up to 85 per cent cheaper than high street banks and traditional money transfer providers.
The service is available across the UK and Eurozone, including Italy, Ireland and Germany. Funds are delivered instantly, enabling M-PESA customers to withdraw money from any M-PESA agent outlet or participating ATM network in Kenya.
Azimo users can send money using only the recipients name exactly as it appears on their M-PESA account and their mobile number. Registering to use Azimo is free and takes just a few seconds from a PC or phone using an email address or Facebook profile.
“We are delighted to be working with M-PESA to expand our global money transfer network,” said Azimo CEO Michael Kent. “Africa has long been at the forefront of mobile money and our new service will allow us to help our customers hold on to more of their hard-earned cash.”
Mastercard is working with Stripe to expedite the payment process for American sellers on the latter's marketplaces using the instant payouts feature from Stripe.
Chase, the US consumer and commercial banking business of JPMorgan Chase & Co, has signed a multiyear agreement with Best Buy, that will see the electronics retailer accept Chase Pay in its stores, on BestBuy.com and in the Best Buy app.
Barclaycard has partnered with Case Station, a company that makes personalised phone cases, to embed contactless technology in the latter's smartphone cases.
Digital challenger bank, N26, which has been live for one and a half years and has more than 200,000 customers, rolled out a new feature that allows its customers to transfer money using Siri. All they have to do is talk to it.