Mastercard's '2Kuze' App Delivers Faster Payments to Farmers
Laura McQuarrie — February 4, 2017 — Tech
References: newsroom.mastercard & nfcworld
'2Kuze' is the name of an app from Mastercard that promises a better experience for farmers across East Africa who want to use their smartphones to buy and sell goods.
As well as helping to speed up the payment process for small-scale farmers in a way that's completely cashless, the app boasts a simple interface and promises greater transparency and better access to financial services. As Mastercard says, 2Kuze "paves the way to a cashless agricultural sector." Currently, the payment system is being tested with 2,000 farmers in Kenya through the non-profit Cafédirect Producers Foundation.
Outside of systems that are used at the retail level, a system such as 2Kuze shows just how far-reaching cashless payment systems of the future have the potential to become.
As well as helping to speed up the payment process for small-scale farmers in a way that's completely cashless, the app boasts a simple interface and promises greater transparency and better access to financial services. As Mastercard says, 2Kuze "paves the way to a cashless agricultural sector." Currently, the payment system is being tested with 2,000 farmers in Kenya through the non-profit Cafédirect Producers Foundation.
Outside of systems that are used at the retail level, a system such as 2Kuze shows just how far-reaching cashless payment systems of the future have the potential to become.
Trend Themes
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Cashless Payment Systems — The widespread adoption of cashless payment systems, like Mastercard's '2Kuze' app, can revolutionize financial transactions across various industries.
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Mobile Payment Solutions for Agriculture — The development of mobile payment solutions tailored for the agricultural sector, such as the '2Kuze' app, can enhance efficiency and transparency in agricultural payments.
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Financial Inclusion in East Africa — The emergence of innovative payment apps, like '2Kuze', can contribute to greater financial inclusion for small-scale farmers in East Africa.
Industry Implications
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Agriculture — The agricultural industry can benefit from adopting cashless payment systems, allowing farmers to buy and sell goods more efficiently.
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Financial Technology (fintech) — The fintech industry has an opportunity to develop mobile payment solutions that cater to the specific needs of the agricultural sector.
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Mobile App Development — The mobile app development industry can contribute to financial inclusion by creating user-friendly payment apps, like '2Kuze', for underbanked farmers.
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