The Development of National Payment Systems: Lessons Learned from Developing Country

To build the ecosystem required expanding the use of locally-branded Afpay cards, increasing the number of merchants accepting electronic payments, and increasing the number of payment agents. [...] (c) Mobile Capabilities The third component of the technology stack was to increase the mobile capabilities of the system. [...] a 30% fee of the amount sent).4 The M-PESA system was the first of its kind in the world, and gave hope that similar mobile payment systems could be launched in countries around the world. [...] (2) India’s UPI The Reserve Bank of India (RBI), in conjunction with the Indian Banks Association (IBA) formed the National Payment Corporation of India (NPCI) in 2008 to consolidate and accelerate the country’s payment systems. [...] For example, the high cost of mobile payments in Kenya (despite being the first to launch) is due to the monopoly-like structure of the market and a lack of strong price regulations.