The Cash-lite Payment technology involves stimulation of mobile payments and use of credit cards in transport sector. This reduces the loss risks of banks and other financial institutions in handling and managing money by making transactions faster and cheap.
With digitalization, the cashless payment technology will increase circulation rate of money and aim to increase the growth of Kenyan economy due to quick and effective movement of money.
Financial frauds and hiked fares will be manageable with cashless payment technology due to reduced handling of cash. For example, the matatu owners will have easy management and monitoring of their funds as conductors will have to account for each transaction made and not accounted for in the cashless payment records.
Industry investors in this cashless payment technology for example banks have reported huge profit margins and expansion to other rural regions. Such successes recognized within Nairobi CBD include the use of commuter cards like Pepea with Kenya Commercial Bank, Beba pay with Equity Bank and 1963 with Safaricom in the public transport sector.
This has eased chances of controlling the inflation rate by controlling money in the economy by cartels and greedy service providers during times of crisis or shortages.
However, the cashless payment technology may imply loss of opportunities for transport staff such as no cash to pay for their services and payments on the go, or have cash at hand for emergencies.