Connect with us

Banking

Vodafone’s latest innovation converts digital money into hard cash

If you are tired of queuing up at ATMs and are despairing because you are unable to access your own hard-earned money, here’s some good news for you.

Avatar

Published

on

If you are tired of queuing up at ATMs and are despairing because you are unable to access your own hard-earned money, here’s some good news for you.

Loading...

Cellular service provider Vodafone is now allowing M-Pesa users to encash their digital wallet balance into physical cash at about 130,000 touch points across India. M-Pesa is Vodafone’s mobile wallet service that has 8.4 million active customers.

M-Pesa Pay, built on top of the existing app, has an ‘agent locator’ feature that helps you find your nearest M-Pesa agent who can offer you cash in exchange of digital money. The withdrawal limit is in line with that of banks — Rs 2,000 ($30) per user per day.

This move by Vodafone brings about an interesting differentiation for M-Pesa that competes in an increasingly dynamic mobile wallet landscape in India, following the Indian government’s ban on high-value currency notes early November.

It is also slightly contrary to what the Government of India has been actively proposing: a cashless society. In the wake of demonetization, Vodafone’s competitors Airtel (which operates Airtel Money and launched the country’s first payments bank last month) and Reliance Jio (which runs Jio Money) have been ramping up their cashless services. But Vodafone is wisely pushing M-Pesa adoption by making it available to non-Vodafone customers…
Read the complete story here

Comments

Asean

12 Things to Know about the ASEAN Catalytic Green Finance Facility (ACGF)

The ACGF is an ASEAN Infrastructure Fund initiative managed by ADB’s Southeast Asia Department Innovation Hub. It helps Southeast Asian governments prepare and finance infrastructure projects promoting environmental sustainability and contributing to climate change goals.

Asian Development Bank

Published

on

Southeast Asia faces an infrastructure investment shortfall of more than $100 billion a year, which may have worsened amid the COVID-19 pandemic.

Loading...
(more…)

Continue Reading

Banking

Thai cabinet approves 350 billion baht Aid for COVID-hit Businesses

Thailand unveiled new measures to help small and medium COVID-hit businesses in the tourism industry hit by a liquidity crunch.

Olivier Languepin

Published

on

The Thai cabinet has approved assistance worth 350 billion baht($11 Billion) to help businesses affected by COVID-19 with soft loans and asset warehousing.

Loading...
(more…)

Continue Reading

Banking

APAC Banks to Face Portfolio Valuation Losses As Yields Rise

The latest data suggest that Fitch-rated banks in Hong Kong, India, Indonesia, Malaysia and Taiwan have the largest AFS securities portfolios, and display particular sensitivity to changes in yields.

Avatar

Published

on

Fitch Ratings-Hong Kong/Singapore-21 March 2021: A rise in yields for long-dated sovereign bonds will result in near-term losses for Asia-Pacific (APAC) banks as they recognise valuation changes on their available-for-sale (AFS) bond portfolios, but the capital impact should be manageable for most rated banks, says Fitch Ratings.

Loading...
(more…)

Continue Reading

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,973 other subscribers

Latest

Trending