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Safaricom hits banks with new M-Pesa transfer fees
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doubletap
#21 Posted : Saturday, August 29, 2015 9:57:01 AM
Rank: Member

Joined: 7/17/2014
Posts: 132
Location: Wherethewindblows
Mike Will wrote:
doubletap wrote:
Think it would be much easier if the banks made an app that is linked to your phone no for individuals and a registered no for companies which is then connected to your bank account just like your ATM card. Then every transaction is from your account and payment is directly to your account. Using a security app every transaction is verified. If the app is then owned by all the banks and institutions that require financial services and run as a private entity. A service provider. If you need physical cash there are ATM's or bank agents kila mahali.


What exactly does your solution propose to solve? And why would it succeed where credit cards have failed? d'oh!


Can't you see what the solution is? Ok very simply the banks own there own service, one making it cheaper for you and me to transact, heck maybe they could just make it free and charge corporates, another benefit is that your money is in your b/Ac the exact same way your ATM card is linked so why do you need it in your phone? And you can pay/send someone directly from your ac no need to topup mpesa. The system is not competing with cards [at the moment], its dealing with mpesa, give the same service but linked to you bank account going through the bank system.

Think about it mpesa is linked to your phone no, the bank system will also use your phone no difference is where the money ends up in your mpesa account or your bank account and with the use of smart phones becoming more common the app with adequate security measures could just work perfectly.

Look at the issue at hand safaricom is charging banks more for bank to mpesa transactions and the other way round. Solution do away with Mpesa or give us the option to choose
You have to learn the rules of the game. And then you have to play better than anyone else - Albert Einstein
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doubletap
#22 Posted : Saturday, August 29, 2015 10:05:14 AM
Rank: Member

Joined: 7/17/2014
Posts: 132
Location: Wherethewindblows
vickip wrote:
i think its is very risky especially for those investors who are very establish because then they have to worry on how secure their money is since the risk of hackers using phone numbers to get your money increases


Very valid fears and with any system the human element is the weakest measures can be taken eg, maximum daily withdrawals, using third party security apps that generate unique codes for every login etc.
You have to learn the rules of the game. And then you have to play better than anyone else - Albert Einstein
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Mike Will
#23 Posted : Saturday, August 29, 2015 11:52:16 AM
Rank: New-farer

Joined: 8/27/2015
Posts: 15
Location: Nairobi
doubletap wrote:


Can't you see what the solution is? Ok very simply the banks own there own service, one making it cheaper for you and me to transact, heck maybe they could just make it free and charge corporates, another benefit is that your money is in your b/Ac the exact same way your ATM card is linked so why do you need it in your phone? And you can pay/send someone directly from your ac no need to topup mpesa. The system is not competing with cards [at the moment], its dealing with mpesa, give the same service but linked to you bank account going through the bank system.

Think about it mpesa is linked to your phone no, the bank system will also use your phone no difference is where the money ends up in your mpesa account or your bank account and with the use of smart phones becoming more common the app with adequate security measures could just work perfectly.

Look at the issue at hand safaricom is charging banks more for bank to mpesa transactions and the other way round. Solution do away with Mpesa or give us the option to choose


In not so many words you have described Equitel. Correct?
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sparkly
#24 Posted : Saturday, August 29, 2015 1:18:36 PM
Rank: Elder

Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
doubletap wrote:
Mike Will wrote:
doubletap wrote:
Think it would be much easier if the banks made an app that is linked to your phone no for individuals and a registered no for companies which is then connected to your bank account just like your ATM card. Then every transaction is from your account and payment is directly to your account. Using a security app every transaction is verified. If the app is then owned by all the banks and institutions that require financial services and run as a private entity. A service provider. If you need physical cash there are ATM's or bank agents kila mahali.


What exactly does your solution propose to solve? And why would it succeed where credit cards have failed? d'oh!


Can't you see what the solution is? Ok very simply the banks own there own service, one making it cheaper for you and me to transact, heck maybe they could just make it free and charge corporates, another benefit is that your money is in your b/Ac the exact same way your ATM card is linked so why do you need it in your phone? And you can pay/send someone directly from your ac no need to topup mpesa. The system is not competing with cards [at the moment], its dealing with mpesa, give the same service but linked to you bank account going through the bank system.

Think about it mpesa is linked to your phone no, the bank system will also use your phone no difference is where the money ends up in your mpesa account or your bank account and with the use of smart phones becoming more common the app with adequate security measures could just work perfectly.

Look at the issue at hand safaricom is charging banks more for bank to mpesa transactions and the other way round. Solution do away with Mpesa or give us the option to choose

@My grandfather is owns a mobile phone but doesn't have a bank account. Same to my grandmother and very many other people in this country.
There are 20m mobile subscribers and maybe 3m people who have bank accounts.
Life is short. Live passionately.
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moneydust
#25 Posted : Saturday, August 29, 2015 1:45:32 PM
Rank: Member

Joined: 1/31/2007
Posts: 304
sparkly wrote:
doubletap wrote:
Mike Will wrote:
doubletap wrote:
Think it would be much easier if the banks made an app that is linked to your phone no for individuals and a registered no for companies which is then connected to your bank account just like your ATM card. Then every transaction is from your account and payment is directly to your account. Using a security app every transaction is verified. If the app is then owned by all the banks and institutions that require financial services and run as a private entity. A service provider. If you need physical cash there are ATM's or bank agents kila mahali.


What exactly does your solution propose to solve? And why would it succeed where credit cards have failed? d'oh!


Can't you see what the solution is? Ok very simply the banks own there own service, one making it cheaper for you and me to transact, heck maybe they could just make it free and charge corporates, another benefit is that your money is in your b/Ac the exact same way your ATM card is linked so why do you need it in your phone? And you can pay/send someone directly from your ac no need to topup mpesa. The system is not competing with cards [at the moment], its dealing with mpesa, give the same service but linked to you bank account going through the bank system.

Think about it mpesa is linked to your phone no, the bank system will also use your phone no difference is where the money ends up in your mpesa account or your bank account and with the use of smart phones becoming more common the app with adequate security measures could just work perfectly.

Look at the issue at hand safaricom is charging banks more for bank to mpesa transactions and the other way round. Solution do away with Mpesa or give us the option to choose

@My grandfather is owns a mobile phone but doesn't have a bank account. Same to my grandmother and very many other people in this country.
There are 20m mobile subscribers and maybe 3m people who have bank accounts.

If the banks get a MVNO license they can give the customer the option of sending money to a bank account or a mobile phone number..just like Equitel.
If I were Safaricom I would be very worried about giving banks the motivation to come up with an alternative system.These high charges that its levying are doing just that.
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ngapat
#26 Posted : Saturday, August 29, 2015 2:03:49 PM
Rank: Veteran

Joined: 12/11/2006
Posts: 930
watesh wrote:
murchr wrote:
ngapat wrote:
The banks should start by cancelling the linking of bank accounts to mpesa.
Then they can combine together and start their own network or mvno since people want money on their mobiles


Good luck with that

Hahaha banks need mpesa more than mpesa needs them. Remember mpesa started and grew without any help from a bank.
One strategy they can employ is bill payments from your mobile or online. A number of people get salaries into their bank accounts, bypass safaricom and get a payment platform that is efficient and easy to use.
Am waiting for Equitel to introduce DSTV, KPLC prepayments and others and my mpesa usage will drop by 80%

This is the status quo that needs to be challenged.The believe banks needs Mpesa more than mpesa needs banks is what makes them bow to whatever torture they get from mpesa.
Equity realized this and is trying to find an alternative to Mpesa and i believe its just a matter of time before Safaricom feels its impact.
“Invest in yourself. Your career is the engine of your wealth.”
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Mike Will
#27 Posted : Saturday, August 29, 2015 2:24:17 PM
Rank: New-farer

Joined: 8/27/2015
Posts: 15
Location: Nairobi
ngapat wrote:

This is the status quo that needs to be challenged.The believe banks needs Mpesa more than mpesa needs banks is what makes them bow to whatever torture they get from mpesa.
Equity realized this and is trying to find an alternative to Mpesa and i believe its just a matter of time before Safaricom feels its impact.


Mpesa works simply because you don't need a bank account to conduct your business. If the banks have a better system then for sure the customers will come.
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doubletap
#28 Posted : Saturday, August 29, 2015 3:55:30 PM
Rank: Member

Joined: 7/17/2014
Posts: 132
Location: Wherethewindblows
sparkly wrote:

@My grandfather is owns a mobile phone but doesn't have a bank account. Same to my grandmother and very many other people in this country.
There are 20m mobile subscribers and maybe 3m people who have bank accounts.


True and that is where smart phones come in with an app on there phones and banks like Equity why would you need mpesa. Granted Mpesa has opened up the market and made it easier to pay and get paid the banks can and should set up this system. If you think about it they don't even need a mobile operator licence, they need to form a company that only works on the app and the service, how the customer connects is the customers preference, safaricom, equitel, orange or zuku as long as the app works you can transact.

It is still early days but the writting is on the wall mpesa will not survive for long as a monopoly.

You have to learn the rules of the game. And then you have to play better than anyone else - Albert Einstein
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Mike Will
#29 Posted : Saturday, August 29, 2015 4:30:51 PM
Rank: New-farer

Joined: 8/27/2015
Posts: 15
Location: Nairobi
doubletap wrote:


True and that is where smart phones come in with an app on there phones and banks like Equity why would you need mpesa. Granted Mpesa has opened up the market and made it easier to pay and get paid the banks can and should set up this system. If you think about it they don't even need a mobile operator licence, they need to form a company that only works on the app and the service, how the customer connects is the customers preference, safaricom, equitel, orange or zuku as long as the app works you can transact.

It is still early days but the writting is on the wall mpesa will not survive for long as a monopoly.



And how would you sell this to mpesa customers?
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sparkly
#30 Posted : Saturday, August 29, 2015 7:58:50 PM
Rank: Elder

Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
Mike Will wrote:
doubletap wrote:


True and that is where smart phones come in with an app on there phones and banks like Equity why would you need mpesa. Granted Mpesa has opened up the market and made it easier to pay and get paid the banks can and should set up this system. If you think about it they don't even need a mobile operator licence, they need to form a company that only works on the app and the service, how the customer connects is the customers preference, safaricom, equitel, orange or zuku as long as the app works you can transact.

It is still early days but the writting is on the wall mpesa will not survive for long as a monopoly.



And how would you sell this to mpesa customers?


What wins for Mpesa is the simplicity in substituting cash transactions. It is a simple USSD (SMS) based system and a good substitute for cash. Plans to upgrade it to more complex systems like the linking with bank accounts, debit cards and mobile apps have failed. @doubletap is missing it.
Life is short. Live passionately.
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