Mobile Payment in Developing Countries: Drivers, Impact, Opportunities and Challenges

The increasing complexity of global businesses along with the technology revolution the world witnessed in the last decade, future of payment is crystal clear going to be mobile payment (MP). This study investigates the drivers of mobile payment adoption, its challenges and Benefits in developing countries. In addition to a case study on Paytm as an online Payment app in India, with a comparison between three mobile payment apps M-Pesa (Kenya), Paytm (India), and EcoCash (Zimbabwe). The results of the study indicate that more mobile penetration along with higher level of digital literacy resulted in higher adoption of mobile payment, also similarly about government support through regulations and digital infrastructure. Additionally, mobile payment adoption enhances the financial inclusion especially in developed countries where many people were unbanked.