M-PESA is Our 3rd Fastest Payment Method and the Fastest in Africa, Says Local Cryptos

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Mobile Money transaction fees will now go up in the new wave of Kenya government taxation.

Local Cryptos, the world’s most popular non-custodial P2P platform, has listed the fastest and slowest payment methods on the platform with M-PESA being among its fastest payment methods.

According to Local Cryptos, the M-PESA payment method takes roughly 7 minutes to complete, making it the fastest payment method in Africa.

SEE ALSOWe Have Seen 10x Growth in Kenya and Double-Digit Monthly Percentage Growth in Key African Markets in 2020, Says CEO of LocalCryptos

Chinese payment methods, AliPay and WeChat Pay, dominate the top positions.

Here is a list of the fastest and slowest payment methods on the platform:

Fastest Methods:

  • AliPay – 5 minutes
  • WeChat – 5 minutes
  • M-PESA – 7 minutes
  • IMPS – 10 minutes
  • Bank Transfer – 12 minutes

Slowest Methods:

  • International Wire Transfer – 34 hours
  • SEPA – 18 hours
  • TransferWise – 5 hours
  • Western Union – 18 Minutes

Safaricom’s M-PESA is the dominant mobile money service in Kenya with almost 99% market share as of Q1, 2020.

Below are more M-PESA stats as of Q1, 2020:

  • Overall market share – 98.8%
  • Mobile money subscriptions – 64.8%
  • Mobile money agents – 85.6%

Kenya, home of Safaricom’s M-PESA, is the third most popular country on Local Cryptos by weekly trade counts. According to Local Cryptos, there has been 10x growth in Kenya in 2020 so far, and no doubt, M-PESA is contributing immensely to the massive growth.

The recent addition of Dash onto the Local Cryptos platform also means that Kenyan users can now trade Dash using Chipper Cash, Equitel and other payment methods – and yes – using M-PESA too!

 

NB: Unlike other P2P platforms, Local Cryptos is a non-custodial P2P wallet – this means that when you make a transfer in your Local Cryptos web wallet, your browser uses your private key to generate and sign a transaction on your device using client-side cryptography. At no point in time do their servers see your private key. Your keys – your coins.

 

 

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