Mobile technology has had a massive impact on our lives in the past couple of decades, giving us new ways to organize our lives and communicate with our friends and loved ones.
It has also provided us with fresh tools related to money management, and reports have suggested that a new platform based around that issue is on the way.
New mobile wallet
Earlier this month, VentureBurn revealed how a new Nigerian fintech known as SeamPay launched in October.
The site details how one of the organization’s primary objectives is to launch a new mobile wallet that could be used to send money to others, as well as to pay for a range of goods and services. It is hoped that the platform could be made available to all kinds of consumers regardless of their status or location, while there are also suggestions that it could eventually expand out of Nigeria and across the rest of Africa.
There are certainly signs that the start-up is attracting attention, as VentureBurn added that thousands of people signed up to the SeamPay waiting list within the first week of its site’s launch.
Embraced by brands
News of the plans has come at a time when interest in digital forms of payment appears to be at an all-time high. While there has been talk about the concept for several years, it seems like a host of different brands are now embracing them.
For instance, the Apple Pay service has become very prominent in recent times, with the brand’s official site explaining how it is accepted by a host of big names in the US. They range from food and drink companies like Dunkin’, KFC, and Subway, to others in retail including Staples, Macy’s, and Lego.
Gaming and technology brands are also keen on digital payment services these days, with a good example being Microsoft. The brand’s site outlines how Microsoft account holders can use a range of payment methods on its services, with PayPal sitting alongside more traditional methods such as credit and debit cards. The online casino industry has also embraced electronic forms of payment in recent years as well. Casino.co.za’s guide to the best paying online casinos in South Africa makes reference to how e-wallets are key in the space. Discussing withdrawals, it explains how top brands should ensure there is little delay between a request being made and funds appearing back in an e-wallet account.
However, while digital payments are having an impact globally, it is interesting to note some of the figures which have emerged specifically in relation to Nigeria in recent times.
In October, it was revealed how the value of e-payment transactions from the Instant Payment System and Point of Sales terminals operated by the Nigeria Interbank Settlement System reached N111.29tn in the first nine months of this year. The platforms saw a 44 percent increase in the value of payments when compared to the same period in 2019.
In April, an article published by Penser examined Africa and fintech and suggested that the number of mobile money transactions in Nigeria reached 217.8 million by September 2019. Big things have also been predicted about the future, as the article suggested that non-cash transactions in Nigeria are expected to grow at a compound annual growth rate of 39 percent in the coming years. It is also suggested that this would be faster than the rates expected to be seen in sub-Saharan Africa and globally across the same period. The article added that while non-cash transactions accounted for just 4.7 percent of total transactions in 2018, this is expected to reach 17.8 percent by 2025.
An intriguing time
As all of the above highlights, it is clearly an intriguing time in terms of how many of us pay for goods and services. With digital payments seemingly on the rise, it seems like a promising moment for a new name to enter the space.
SeamPay appears to have some significant plans and it will be fascinating to see how they develop in the near future. Considering the high level of interest in this area, the brand may not be the last to embrace it in the months and years ahead.