The evolution of African markets has improved significantly over the years. With mobile becoming increasingly central to people’s lives, experts have said that the future of payment lies in digital, which will be championed by mobile devices.
Different types of digital payments are beginning to converge on the mobile phones, whether it is Internet payment, which result in the delivery of services or app payment at the super market or solutions such as Uber, all these services from different technology companies are converging on the consumers mobile phones.
Additionally, this Increasing convergence and integration between e-commerce and mobile technology have radically changed the shape of the payments marketplace. For instance Mpesa and and mobile banking have rapily gained popularity in most African countries. While most transactions in emerging markets are still being made with cash, the shift to electronic and digital payments is happening rapidly with some countries moving away from cash faster than others.
According to PWC reports, While eCommerce is growing two to three times faster than physical retail, experts records that mobile commerce grows two to three times faster than eCommerce in Africa.
As mobile usage gains increases in different sectors, Africa lies on the right track towards technological growth for development.