Diamond Trust bank recently launched PayEasy, a mobile phone payment collection system that enables customers to pay for goods directly from their mobile money account to the merchant’s bank account.
PayEasy looks to effectively introduce a secure and convenient cashless payment system which can be used in all categories of business and individual transactions. This service will be initially available on MTN Mobile money and Airtel money.
DTB is hoping to tap into mobile phone technology and innovation to reach the more than 19.5 million phone users in the country. Data from the Uganda Communication Commission (UCC) shows that 52.3 % of Ugandans have access to mobile phone.
“We want to use technology and innovation not only to enhance customer service and experience, but also to bridge the gap between the merchant mobile money and bank account to ensure that there is increased financial inclusion in the country.” said DTB Uganda Managing Director Varghese Thambi.
Mobile money merchant payments in Africa represent only 1.9% of total mobile money transaction volumes and 4.1% of total mobile money transaction values, according to GSMA.
PayEasy is already in use in some retail outlets including standalone merchants who sell items as small in value as 500 UGX. “Our target is to recruit more retail outlets and convenient stores countrywide so that they can provide customers with an easier and secure way of paying for goods and services,” said Thambi.