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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.

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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.

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…
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Economics

Thailand’s economic growth expected to return to 2019 levels in mid-2023

Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.

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The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.

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Banking

S&P maintains Thailand’s credit rating at BBB+ with stable outlook

Standard and Poor’s (S&P) maintained Thailand’s credit rating at BBB+ . The global rating firm expects the country’s gross domestic product (GDP) to grow at 1.1% this year, with a more optimistic growth at 3.6% per year from 2022 to 2024.

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Standard and Poor’s (S&P) maintained Thailand’s credit rating at BBB+ . The global rating firm expects the country’s gross domestic product (GDP) to grow at 1.1% this year, with a more optimistic growth at 3.6% per year from 2022 to 2024.

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