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5 Cashless Payment Modes for Your Businesses

Inversk Review



We live in an era where technology is changing how things are done in every aspect of life: from simple tasks such as domestic chores to complex ones such as business and communication. The safety of money flow is paramount to the success of every business.

Transfer of cash in form of notes and coins has been traditionally used but it is now slowly being wiped off by cashless modes of payment such as mobile money transfer. This is why many businesses now including small businesses use the cashless modes of payment to receive money from customers and pay their suppliers. These modes of payment have the following benefits to an organization:

  • Reduced queuing time. This saves time for both the staff and the customers, hence better service.
  • Eliminate cash handling costs as there will be no need for cash floats
  • No cash balancing required.
  • Reduce risk as it provides greater security
  • Cashless tills can be left unsupervised during quiet times as there is no risk of theft or accidental loss of money.
  • Any refunds or discounts can only be enabled by management password control.
  • Allows for the analyzing of all aspects of spending and take up of paid for facilities. For example who buys lunch and when they buy, what they spend etc.
  • With pre-loading of credit onto the cards there is a positive cash flow situation. You receive the money loaded onto the cards in advance of when the actual sales take place.
  • Coordination of all paid for facilities. In many cases it is possible to use one plastic card for a variety of facility based uses, such Access Control, Car Park Entry, Photocopying Control and Cashless Catering and Vending.

There are many types of cashless money transfer modes. They include the following:

  1. Mobile Payments

Mobile payment, also referred to as mobile money, mobile money transfer, and mobile wallet generally refer to payment services operated under financial regulation and performed from or via a mobile device. In Kenya today, most of the telecommunication companies and banks offer this mode to their customers. They include: M-Pesa, Airtel Money, Yu Cash etc.

  1. Near Field Communication (NFC)

It involves the use of contactless payment. These are systems that use devices, including smartphones and other mobile devices, which use radio-frequency identification (RFID) or  NFC for making secure payments. The embedded chip and antenna enable consumers to wave their card, fob, or handheld device over a reader at the point of sale terminal. They speed up POS payment processing by enabling smaller amounts to be paid quickly and easily without requiring a PIN or signature.

  1. Credit and Debit Cards

A debit card is a payment card that deducts money directly from a consumer’s checking account to pay for a purchase. Debit cards eliminate the need to carry cash or physical checks to make purchases.  While a credit card is a payment card that is not linked to your current account and is a credit facility that enables you to buy things immediately, up to a pre-arranged limit, and pay for them at a later date. The cost of the purchase is added to your credit card account and you get a statement every month.

  1. Security

It involves tokenization and biometric authentication. Tokenization is an extremely interesting method of securing credit card data. Instead of using actual credit card details, companies substitute pieces of information known as tokens. The original data is stored securely on a tokenisation server, and only the tokens are used during the payment process. If they are stolen, there is no harm done. Unfortunately for now there are no widespread tokenisation standards. Instead, there are a number of different approaches. Viewed in this light, this security technology is still in its infancy stage however its use is progressing at a fairly good rate.

When it comes to authenticating payment processes, there are several new inventions. The current methods are password, PIN, and fingerprint. These methods all have one thing in common: they can be expanded upon to allow increasing use of two-factor authentication. User-friendly methods—including, for example, new biometric processes like voice recognition, keystroke detection, finger vein scanners and pulse recognition—are set to become increasingly significant. The trend aims to simultaneously increase both security and convenience. Currently, the pre-paid tokens for the Kenya Power and Lighting Company use this system.

  1. E-Money Accounts

Electronic money, or e-money, is the money balance recorded electronically on a stored-value card. These cards have microprocessors embedded which can be loaded with a monetary value. Another form of electronic money is network money, software that allows the transfer of value on computer networks, particularly the internet.

Basically, electronic money is a floating claim on a private bank or other financial institution that is not linked to any particular account. Examples of electronic money are bank depositselectronic funds transferdirect depositpayment processors, and digital currencies. These therefore, are “bank accounts for everyone” and they have the tremendous advantage that as are easily acquired, placing bank-like structures within reach of population groups (such as refugees) who have, until now, been denied access to such services.

Additional benefits of e-money accounts include their data frugality, their generally state-of-the-art interfaces, and more advanced features. In addition, some already offer the instant payments described above, which are not yet available with bank accounts.

So is cashless transfer possible in Kenya? I believe it is as the popularity of mobile money transfer is growing very fast. Soon businesses should be able to embrace the other cashless modes of payment in order to evade the hazards that come with cash payment.


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The creativity that M-Changa inspires

Matt Roberts



Mon.28 Jan. Irene Akenga,

M-Changa is a fundraising platform that allows anyone to start a campaign within their network and beyond. Lets check in some of the successful stories within the platform.


(Above: Mr and Mrs Ambayo)

George Ambayo, born in the year 1952 is a loving husband to gospel songbird Florence Ambayo and father of two sons, Richard Oketch Otiang’a and Barnabas Yuka .

George has lived a happy and healthy life until mid-2018 when doctors diagnosed him with spondylosis and disc disease of the human spine (lower back) with maximal changes and neural compression at level L5-S1.

A compressed nerve by a prolapsed disc caused George to have leg weakness and problems related to urine and stools. As a retired accountant, he wasn’t able to come up with the funds needed to travel to India for spine surgery.

“By God’s grace when I was stuck in terms of getting the finances a good friend of mine, Joshua Ochieng introduced me to M-Changa. He told me M-Changa is a very effective organisation that can help you raise funds” – George Ambayo.

George set up a campaign on donations based crowdfunding platform M-Changa, managing to raise Ksh. 743,000 in just three weeks thanks to 235 friends, family members and well wishers who supported his campaign.

Thanks to Kenyan generosity, the funds raised enabled him to travel out to India on the 4th of November. He was taken to DELHI GURGAON hospital on the 8th of November to undergo a 6 hour successful spine surgery to remove two discs and replace them with artificial discs.Miraculously George was discharged and has been able to walk without a walking stick or wheel chair. To this day, George walks 45 minutes in the morning and 45 minutes in the evening as his physiotherapist instructed.

“I want to say a big thank you to the 235 people who contributed to my fundraiser, I also want to thank the wonderful team at M-Changa who were so caring and supportive throughout the process” – George Ambayo

An unexpected side effect to his fundraising activity online is a raised social life, “I remember when I got back from India and I decided to send thank you messages to each and every person who had contributed to my M-Changa fundraiser and many people got back yet I didn’t even know them.”

“Fundraising can be a daunting task, especially for hard working members of society like George Ambayo. If anybody out there has a fundraising need – they should take advantage of fundraising platforms such as M-Changa to help them reach more people quickly – it can help them to quickly raise funds and prove their genuinity” – M-Changa contributor.

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Alibaba is the Cave of Riches: “Amazon” of the East,

Inversk Review



It is considered to be the only online shop that offers relatively cheap products. The company was founded in Hangzhou, China by a former English teacher, the famous Jack Ma, and 17 other people.

Jack Ma was first introduced to the internet in 1995 during his visit to the United States. While he was here, he realized that there were no websites in China. Seizing this opportunity, he first created a directory of sites in China that was known as

A few months later, as he was sitting in a coffee place in San Francisco, he asked a waiter “Do you know who Alibaba is?” To which she replied: “Sure, Open Sesame.” Seeing that a random person could answer that, he decided to go to the streets, and he was amazed by the response. Everybody; Germans, Indians, Chinese…they all knew Alibaba (a polite, smart person who helped people).

The name was easy to pronounce and famous, thus it was the perfect name for a platform for sales in-between companies, a platform that would open up the doors for Chinese products in the international trade which already had over 80 million users.

Today, Alibaba Group hosts a variety of services: eTao, a website which has product price comparisons; Taobao, popularly known as the eBay of China, this platform is for sales among consumers; Alipay, “the PayPal of China”, and AliExpress.

Significant Milestones in the History of Alibaba Groups (


  •   After approaching various banking institutions, the company managed to raise $25 million. 1688.comwas also founded during the same year- this became China’s greatest marketplace.


  •   Alibaba Group raised $20 million from an investor group led by SoftBank.
  •   Alibaba Group organized the first West Lake Summit, a gathering of Internet business and thought leaders.


  •   Online shopping website Taobao Marketplace is founded, again in Jack Ma’s apartment.


  •   Alibaba Group raised $816,882 million from several first-tier investors in the most substantial private equity commitment ever in the Chinese Internet sector.
  •   Alibaba Group organized its first Netrepreneur Summit, a gathering of Internet entrepreneurs, and honors the first 10 Netrepreneurs of the Year
  •   Aliwangwang, a personal computer-based instant messaging tool that facilitates text, audio and video communication between buyers and sellers, is launched on Taobao Marketplace.
  •   Alipay, currently a related company of Alibaba Group, is started as a third-party online payment platform.


  •   Alibaba Group formed a strategic partnership with Yahoo! And soon after took over the operations of China Yahoo!


  •, similar to Taobao, was merged into Alibaba Taobao. Yipai had 7.29% market share in Q3 of 2005.
  •   Alibaba acquired, one of China’s largest online classified listing companies, which was founded by an ex-Alibaba employee


  •   Alibaba Group launched Alimama, an online marketing technology platform.


  •   Taobao Mall (currently known as Tmall), a dedicated platform for third-party brands and retailers, is introduced to complement Taobao Marketplace.
  •   Establishment of R&D institute


  •   Alibaba paid RMB 540 million to acquire Net.can which was the leading primary Internet infrastructure and services provider (web hosting, domain names, etc.).
  •   Formation of Alibaba Cloud happened during the celebrations of Alibaba Group 10th anniversary.


  • <a href=”“>AliExpress</a> is launched to enable exporters in China to reach and directly transact with consumers around the world.


  •   Alibaba Group exceeded RMB3 trillion in FY2016 gross merchandise volume (GMV) on its China retail marketplaces and subsequently, becomes the largest retail economy in the world.
  •   Alibaba Global Leadership Academy (AGLA) program, a talent development program dedicated to fostering future Alibaba global leaders, was launched.
  •   Alibaba Group launched OS’Car, the first YunOS-enabled, mass-produced internet car, in collaboration with SAIC Motor Corp.
  •   The concept of an Electronic World Trade Platform (eWTP) envisioned by Jack Ma is included in the official communiqué of the G20 summit and gains support from World Trade Organization Director-General Roberto Azevêdo
  •   Alibaba Cloud announced the opening of four new data centers in the Middle East (Dubai), Europe (Frankfurt), Australia (Sydney) and Japan (Tokyo).


  •   Alibaba Group announced plans to establish the first overseas e-hub under the Electronic World Trade Platform (eWTP) initiative together with the Malaysia Digital Economy Corporation (MDEC)
  •   Tmall World, an effort to serve the 100 million-strong overseas Chinese market worldwide, is officially launched.

 Alibaba Group Subsidiary companies

1. Aliexpress. Launched in 2010, Aliexpress is a B2C platform for Chinese companies that wish to sell their products to the foreign market.

2. South China Morning Post. Media popularity and entertainment were and still are the most followed source of information. Alibaba Group acquired South China Morning Post in 2015 for $266 million as a marketing strategy to gain media popularity and reshape the coverage of what was thought to be a negative portrayal of China to the West.

3. AutoNavi. Alibaba Group acquired AutoNavi, a Chinese mapping and navigation company in 2014. The company was critical in garnering user behaviors, and it provides data to Google and Apple Inc. Today, the AutoNavi app is one of the top apps in China with over 100 million users.

4. Taobao. Founded in 2003, Taobao was created to compete with the activities of eBay in China. eBay Inc. had purchased China’s largest online auction site, Eachnet. To counter the popularity of eBay, Taobao offered free seller listings and new features such as instant messaging, and within two years, it managed to kick eBay out of the market.

5. Alipay. PayPal is one of the world’s largest online transaction sites. Well, China has theirs as well – Alipay!

Founded in 2004, Alipay has over 400 million users today. The company is under Ant Financial Services Group, an Alibaba Group Affiliate. In 2014, it was announced that Alipay had even surpassed PayPal to be the largest digital payment platform with over 65 connections with financial institutions such as Visa and MasterCard.

6. Ali Health Information Technology. This company was established after Alibaba and a private equity firm, Yunfeng, purchased 54% stake in Citic 21CN.

7. Alibaba Pictures Groups. One of the most significant Chinese movie company since 2015 was formed after Alibaba group bought a 60% stake worth $804 million in 2014. The company was initially known as ChinaVIsion before it was renamed to Alibaba Pictures Group.

8. Aliwangwang and Laiwang. Taobao’s growth demanded an instant communication platform where sellers and buyers could easily communicate and in 2004, Aliwangwang, the second largest instant messenger in China was formed.

Later, in 2013, Alibaba formed Laiwang, its messaging service to rival WeChat, the Tencent’s messaging service app.

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5 Reasons why Falling in Love with Android is Inevitable

Inversk Review



Nokia loves Android, you should too!

The sun is shining, the birds are chirping and love is undoubtedly in the air. That could only mean one thing – Valentine’s Day! This got us thinking here at HMD Global, Home of Nokia phones, what do we love? Simple… Android!

There hasn’t been a topic that separates a society as much as Android versus alternative operating systems. While we’ve had other mobile operating systems in the past, who hasn’t, we have come to realise that since going steady in February 2017, we couldn’t be happier with our current partner, Android.

Here’s five very good reasons why Nokia’s Valentine goes to Android:

  1. Pure, Secure & Up to date

With many years of experience in understanding what our customers want from our Nokia phones, Android has enabled us to do just that, give our customers exactly what they expect, a pure, secure and up-to-date experience.

“The pure, secure and up-to-date approach enables individuals to experience Android devices the way it was always intended, no bloatware, long battery life and regular security updates,” explains Michelle Wynne, Head of Marketing for HMD, Sub-Sahara Africa Region.

  1. Customisation

The mobile phone has become an integral part of our daily life’s and to some an extension of their personality. This is why the freedom to customise your Android device is one of the most commonly mentioned things by our users. Nokia smartphones offer our consumers Pure Android, which means no preloaded apps that you don’t need, just customise your phone with what matters to you.

Nobody knows or understands you, like you do, so who better than YOU to personalise your own phone?

  1. Google integration

Developed by Google, Android gives you the power of Google at your fingertips. From Google Play, Google Photos to Google Assistant, ensuring that you stay up to date with the latest technology and software developed.

  1. Great range of phones

Nokia smartphones provides users with memory to capture all those special moments. Nokia Smartphones come with expandable memory. If you run out of space, you can easily insert a new SD card in your phone and never worry again about missing out on a special moment in your life, with extra memory comes the ability to record at your heart’s content. The cherry on the cake is access to Google Cloud storage to save all your memories and back-up all your content.

  1. Love is finding the right price to fit your needs

The challenge facing most South Africans at the moment is that while they can’t afford to waste money on unnecessary items, they still need a reliable mobile device that will fit their stretched pockets and demanding needs. “This is why there is a range of Nokia Smartphones running on Android OS for everyone” concludes Wynne.

Go ahead, join the family and fall in love with Nokia and Pure Android this Valentine’s Day

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