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Organizational models of mobile payment systems in low-resource environments

Organizational models of mobile payment systems in low-resource environments The rapid growth and diffusion of mobile phones in the developing world has created an inclusive and dynamic platform to address a smorgasbord of socio-economic challenges. The uptake of mobile payment (m-payment) systems is a compelling example of how such a platform can be leveraged to democratize access to online banking and financial services. M-payment systems encompass mobile phone-based applications that enable the transfer of value while affording users’ security, accessibility, and efficiency and helping organizations reduce overheads and foster transparency. While M-Pesa and a few other systems are well documented, the literature is sparse on the different methods of using m-payment systems in developing countries. Based on a comprehensive literature review that includes 64 different m-payment applications from around the world, this article synthesizes 12 organizational models. The presentation of each of these models includes an explanatory visual, brief description, and several examples to illustrate its opportunities and benefits. This article culminates with a discussion of common implementation challenges, best practices, and gaps in the extant ecosystem. This will inform innovators and entrepreneurs seeking to strengthen, design, and implement m-payment systems that bridge the last-mile challenge of financial inclusion. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Information Technology for Development Taylor & Francis

Organizational models of mobile payment systems in low-resource environments

Organizational models of mobile payment systems in low-resource environments

Abstract

The rapid growth and diffusion of mobile phones in the developing world has created an inclusive and dynamic platform to address a smorgasbord of socio-economic challenges. The uptake of mobile payment (m-payment) systems is a compelling example of how such a platform can be leveraged to democratize access to online banking and financial services. M-payment systems encompass mobile phone-based applications that enable the transfer of value while affording users’ security, accessibility,...
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Publisher
Taylor & Francis
Copyright
© 2017 Commonwealth Secretariat
ISSN
1554-0170
eISSN
0268-1102
DOI
10.1080/02681102.2017.1311830
Publisher site
See Article on Publisher Site

Abstract

The rapid growth and diffusion of mobile phones in the developing world has created an inclusive and dynamic platform to address a smorgasbord of socio-economic challenges. The uptake of mobile payment (m-payment) systems is a compelling example of how such a platform can be leveraged to democratize access to online banking and financial services. M-payment systems encompass mobile phone-based applications that enable the transfer of value while affording users’ security, accessibility, and efficiency and helping organizations reduce overheads and foster transparency. While M-Pesa and a few other systems are well documented, the literature is sparse on the different methods of using m-payment systems in developing countries. Based on a comprehensive literature review that includes 64 different m-payment applications from around the world, this article synthesizes 12 organizational models. The presentation of each of these models includes an explanatory visual, brief description, and several examples to illustrate its opportunities and benefits. This article culminates with a discussion of common implementation challenges, best practices, and gaps in the extant ecosystem. This will inform innovators and entrepreneurs seeking to strengthen, design, and implement m-payment systems that bridge the last-mile challenge of financial inclusion.

Journal

Information Technology for DevelopmentTaylor & Francis

Published: Oct 2, 2018

Keywords: Mobile payments; m-payments; ICTD; mobile phones; organizational model

References