Mobile payment applications have revolutionized the way we pay for goods and services in western countries. Many apps like PayPal, Venmo and Apple Pay have become major players in mobile payment technology. These apps make life easier for the average person by allowing them to pay for goods and services with just a touch of their phone.
However, in Ethiopia, mobile payments are still a relatively new concept But that is quickly changing.
In recent times, new Ethiopian mobile payment apps have emerged, offering various features that cater to different consumer needs. Apps like Hello Cash, Tele Birr, and CBE are excellent examples of these new developments in Ethiopia’s mobile payment sector. Tele Birr, mobile payment app launched by Ethio-Telecom, Ethiopia’s Biggest telecom provider. It allows users to make payments using their mobile phones With Tele Birr already bringing in over 30+ million subscribers. It’s clear that the adoption rate is high. As the use of these apps continues to grow, it’s safe to say mobile payment technology is improving lifestyles for many Ethiopians.
The mobile payment sector in Ethiopia keeps expanding rapidly. Recently, Safaricom’s M-Pesa, a mobile payment app. M-pesa has been a huge success in Kenya, with over 40 million users. This app received approval to commence operations in Ethiopia. Indicating that the Ethiopian market is becoming increasingly open to implementing other tech advancements.
Additionally, Chapa , announces a milestone of 1 Billion worth of transactions ,the company has processed over 1 Billion worth of transactions since the beginning of 2023. It is stated by the company that this figure shows an increase of 500% compared to the previous quarter, in which they had processed over 100 million worth of transactions. For a newcomer in the payment app gam! It seems that there is no stopping the disruptive nature of mobile payment technology in Ethiopia.
These new developments in mobile payment technology represent a promising future for Ethiopia. And with the continued growth and expansion of these mobile payment apps. We can expect to see more convenient payment options. Such as contactless payments, become available even in remote parts of the country. New apps will undoubtedly emerge, providing more features, better security, and faster payment processing times while satisfying the changing payment needs of Ethiopians.
In conclusion, Mobile payment technology is becoming an essential part of everyday life in Ethiopia. As it is in western countries. The emerging apps have a long way to go, but their initial success shows that they are on the right track and are making life easier for residents. While we await other developments, we can be assured that the sector will see continued growth and bring even more convenience to our daily transactions. As more Ethiopians adopt mobile payment apps, the need for cash and physical cards will decrease. This will make transactions faster, safer, and more convenient for everyone. The convenience and safety of digital transactions will make life easier for everyone.
