Sunday, June 26, 2011

"Send Money Home" Worked, "Banking" Did Not

Mobile payment and banking services are not different from other businesses in one important respect: sometimes a company has to refine its product and pitch when its original "go to market" strategy fails to resonate, and consumers say they want something else.

M-PESA launched in Kenya in 2007 and thought its customers would want the ability to transfer money to make loan payments. The company found out that what people wanted most was to "send money home." So M-PESA started emphasizing "Send Money Home" and found success.

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