The Quest for Achieving Financial Inclusion: M-Pesa Versus UPI

In 2019, World Bank analyst Abebi Eke faced a difficult task: deciding whether to recommend that the World Bank support a particular digital payments system, in line with its commitment to expanding financial inclusion for the world’s poor. Eke was asked to research two of the most promising payment systems, UPI in India and MPesa in Kenya, and to prepare a memorandum comparing the pros and cons of each. Eke had found that while successful digital payment systems often shared some aspects of their operational business models, agent networks, and even marketing campaigns, their corporate and regulatory structures could be quite different. He also learned that digital payment services had flourished in some countries, both developed and developing, but not others. Why? The World Bank’s own research found that of the five countries that have most successfully adopted mobile money as a form of digital payment, one was a low-income economy, another was a lower-middle-income economy, and three were one-way. economy Upper-middle income levels were maintained, showing that there is no single path to financial inclusion. To write his memo, Eke needed to understand the factors and barriers to success in digital payments. The case provides students with a deep understanding of both digital payment systems and allows them to compare and contrast them while assessing the likely success of each in a different country. Case number 2173.0

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