Algorithm for the optimum digital payment calculation
As per research study and survey results, we founded that country level factors such as the level of technology development, level of education and regulatory requirements are key in identifying the optimum digital payment option. For that reason, we included them in the digital payment score calculation as parameters:
A = level of education
B = level of technology development (Internet, telecom coverage…)
C = regulatory requirement
The five most popular digital payment options, in the DRC market, we are comparing are:
R = Mpesa
S = Multipay
T = Wire transfer
U = Money Gram
V = Western Union
Depending on the implementation requirements for each digital payment option, it is differently impacted by each of the above country factors.
Survey results as well as research founding was useful in identifying the right weight for each country factors in score calculation.
Below is our score calculation formula for each digital payment option, with country factor weight varying from 1 to 5:
R = Ax2+ Bx5 + Cx3, this is a mobile payment option thus technology and regulation have more impact on its implementation.
S = Ax5 + Bx3 + Cx5, this is a bank product thus all the factors are important with technology less impacting than others.
T = Ax5 + Bx3 + Cx5, as a bank product all the factors are important, same as Multipay.
U = Ax2 + Bx5 + Cx5, this money transfer option uses an online application thus technology as well as regulatory factors are very important for its implementation. Education is not a must.
V = Ax2 + Bx5 + Cx5, same as above option (Money Gram).
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