Paynet Kenya has been awarded the ‘Best Software Solution’ for the cardless ATM service it is providing for M-PESA. The award was conferred to Paynet at the Wincor-Nixdorf Awards held in Muscat, Oman. The award recognizes technical innovation and excellence of product capabilities. Wincor Nixdorf is one of the world’s leading providers of IT solutions and is the manufacturer of the PesaPoint ATMs.
Paynet Kenya developed a world’s first software that allows cardless transactions at ATMs. Through this innovation, M-PESA customers now withdraw money from PesaPoint ATMs without the use of an ATM card or the need for a bank account.
M-PESA is a mobile-phone based money transfer service offered by Safaricom Limited.
Bernard Matthewman, Paynet’s Group Managing Director was happy that the local innovation had received acclaim on the global arena. “Kenya is the 1st country in the world in which card-less transactions at an ATM are available for traditionally unbanked users of mobile phones to withdraw cash and Paynet is indeed honoured to have led in this innovation” he added.
Wayne Harris, Paynet’s Director of Business Development, who received the award on behalf of company, said that there was great level of interest and discussions from other guests at the event on how this pioneering service can be delivered in their countries. “They were very impressed at our creativity and achievement”, he concluded.
Prior to the service launch, M-PESA transactions were only available to customers at authorised M-PESA Agents. Agents hold stocks of cash and e-value to facilitate deposits and withdrawals are widespread and in the majority follow standard operating hours.
This ATM offering guarantees M-PESA customers 24hour 7 days a week cash accessibility, including weekends when many Agents are closed. Additionally, cash liquidity is strengthened given that Agents can be limited in the cash available to serve customers.
In conclusion, Mr. Matthewman said that PesaPoint will continue to partner and innovate with firms like Safaricom to provide a wide range of transactional services through its operations in East Africa, to ensure customers access fast, affordable and convenient services wherever they are.
Since launch of the service in September this year, the number and value of transactions have been growing daily. Over Kshs. 480,000,000 has been withdrawn through the ATM network up until mid-November.
In addition, the simplicity of using the service has facilitated demystification of the use of banking technology amongst unbanked users of mobile phones and helps to bring un-banked into the formal economy.
Paynet Kenya is part of the Paynet Group, which also comprises of PesaPoint Limited and EFT Kenya.