According to a recent study by the UK Payments Council, a new UK payments service has caused the nation to become the leader in mobile payments around the world. P2P Paym service, launched in April of this year, is believed to be the cause of the push.
Other countries studied in the report and compared to the UK were the US, Japan, Sweden, India, and Kenya, and the report’s aspects varied in infrastructure, ownership, speed, and more.
“The UK payments industry’s collaborative model of change, which builds upon our existing world class real-time payments infrastructure has delivered real benefits for customers,” said Adrian Kamellard, Payment Council’s chief executive, in the article. He added that at the point of use, Paym is a free service for users.
Furthermore, the Payment Council found in the report that the US and Japan are behind Sweden and the UK in delivering P2P mobile payment services. The struggle for India, too, to make its service as worldwide as in the UK and Sweden is caused by “the country’s geographic and demographic disparity.” But Kenya, with M-Pesa, has increased its inclusion and financial capability.
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