Without a UPI, Africa pays a toll on cash. Airtel Money collects it
· 11 min · Episode 867
Episode Without a UPI, Africa pays a toll on cash. Airtel Money collects it
Airtel Money is now trading in London, valued at about $7 billion. The African mobile-money company made $373 million in profit last financial year. It is based on a simple model. Depositing cash is free. Customers pay mainly when they take money out as cash, and sometimes when they send it.
In markets where most adults have no bank account, those fees add up. Bharti Airtel's Indian business, Airtel Payments Bank, takes a roughly similar cut. But it only made $12 million. Most of this difference comes down to UPI, which moves money in India for free.
Now Airtel Money's own markets are building their versions of UPI. What happens to its toll on cash?
Also listen to: Why your Diwali shopping is more important than implementing MDR on UPI
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