Nigeria Presents New Electronic Payment System Inferior To Bitcoin
The prospect of payments in Nigeria is sure these days. It is obvious that mobile will perform a noteworthy role in the future path of paying for services and goods, however. mCash can become a key competitor to Bitcoin on the upcoming years, though it stays to be seen how prevalent the service will be.
Nigeria Focuses On Alternative Payment Systems
It is relatively strange to see Nigeria, among all places, emphasis on substitute payment systems. This solution, though, uses the Nigeria inter-bank settlement system and it is a project placed together by different banks in Africa country.
The main objective of this initiative is to transport alternative payments to large and small businesses in Nigeria. Possessing in mind how this explanation can be retrieved on both clever and feature phones, mCash has a reasonable chance of turning popular in the future years.
This news arrives at a time by which electronic payments are beginning to take off in the country. As is the case with any fruitful venture, though, several issues require to be addressed.
The absence of success of POS terminals is simple to explain; great costs, a lessening Naira, and deprived GPRS infrastructure turns it very tough to operate such machines. On height of that, there are high participation fees, exiting very slight breathing room for store owners to produce a profit
Whether or not mCash can stop the similar pitfalls as different electronic payment hard work in Nigeria was seen. It seriously depends on having access to a bank account which would eliminate a great part of the country’s population. Financial presence should be the top priority; still mCash flops to offer that in its present state.
Till now, it appears that Bitcoin BTC and cash endure the two options offering financial enclosure to all Nigerians in the same way. Bitcoin has an assured benefit, as the crypto currency can be stored and transported across mobile devices with simplicity. Then again, it stays somewhat of a niche product category, rendering the market wide open for additional substitute financial tools.