M-Pesa

M-Pesa ('M' for mobile, 'Pesa' for money in Swahili) launched in Kenya in 2007 by Safaricom. It enables sending, receiving, and paying with just a phone number - no bank account needed. It now supports QR code payments similar to WeChat Pay.

Handling ~50% of Kenya's GDP, M-Pesa succeeded by leveraging existing mobile phone infrastructure where banks couldn't reach. Phone shops serve as cash-in/cash-out agents. The model has expanded to Tanzania, Ghana, India, and beyond.