NAIROBI, Kenya, Feb 27 – Mobile apps are the future of instant payments in Kenya, according to a survey from Integrated Payment Services Limited (IPSL).It also shows that the majority of Pesalink users are using multiple banks for their payments, and they prioritise speed and convenience when choosing how to pay.The IPSL survey provides insights into account-to-account (A2A) payment users for finance companies and industry stakeholders.It was commissioned to examine why instant account-to-account payments are still Kenya’s fastest growing payment type, with 35% year-on-year growth in 2024.Gituku Kirika, CEO, IPSL said; “We know that companies relying on Kenyans carrying a physical wallet, or cash, are facing an uphill battle. It is interesting to see that mobile banking apps are so close in popularity to mobile money wallets among Pesalink users. Plus, the payment industry’s customary rewards and loyalty schemes are less of a priority for our users.” The Mobile Banking Opportunity: 41.54% of Pesalink users prefer banking apps for regular payments, compared to 50.15% who cite mobile money.This is despite the dominance of mobile money in transaction volumes and presents a prime opportunity for banks to build out their A2A payment offerings.Convenience and Speed: Convenience and speed are the top priorities for consumers when choosing an instant payment method.Fees, security and privacy were ranked equally as the next priorities. Multi-banked: The majority of Pesalink users (57%) use more than one bank for making their instant payments.Kirika continued, “We have known that Kenyans are more multi-banked, than many other markets. We are surprised to see so many people using multiple banks for their daily payments. The challenge for banks is that customers are more likely to switch their payments to a convenient and faster offering. But there is a massive opportunity to invest in interoperable and standardised cross-bank services running on the Pesalink rails.” The Central Bank of Kenya (CBK) is championing a Fast Payments System (FPS) designed to improve interoperability.It aims to eliminate costly bilateral arrangements between financial sector participants and ultimately lower costs and increase speeds for consumers.Pesalink is the instant, open and interoperable payment network facilitating the transfer of up to Sh999,999 from one store of value (bank account, mobile money, SACCOs, Fintech wallets) to another, via online, mobile app or USSD. Pesalink is operated by Integrated Payment Services Limited (IPSL) and owned by the Kenya Bankers Association.IPSL was established in 2015 under the National Payment System Act.