The National Payment Law regulates M-Pesa, a digital financial service (fintech) for

cellphone-based banking products. Residents will be secure using the system, which will
increase economic prospects and prevent money laundering (Ndung'u, 2017). Kenyans
want this technology because of its practicality, which includes consumer rights and
financial freedom. Electronic money distribution has linked the movement of money
between the city where they work and the countryside where their family resides, as well
as payment transactions between merchants and purchasers, allowing consumers to
access services more quickly within 24 hours. Furthermore, fintech is expanding to new
areas, such as the e-commerce business, where products and services are being
distributed more swiftly to fulfill the demands and lifestyles of everyone.
Several digital payment services, such as OVO payment, are integrated regionally in my
nation. Cultural constraints, on the other hand, make this digital payment mechanism
less effective and more suited to metropolitan regions. Due to low cellphone ownership
and restricted access to services, notably in outlying locations, public preparedness to
transition to electronic transactions remains low. Cell phones are still considered a luxury
item in Indonesia. Regulation and integration in relationships between banks, cellular
carriers, and local governments, particularly in distant locations, are critical components
of providing simple access and affordability through technology. Aside from that, low-
cost technology is crucial. Nearly 82 percent of Africans have cellphones in 2015, but do
they have easy access to the internet? Affordability refers to the capacity for anybody,
everywhere, to use the internet at a low cost per Mbit / s, making it accessible to all.
Furthermore, providers must guarantee that the technology they utilize does not erode
customers' quotas significantly, such as by compressing and streamlining the functions
in the digital financial platform.

Technology will have a positive influence on the creation of new jobs, new forms of
labor, economic development, investment possibilities, greater welfare, and equality.
However, inequality will emerge as a result of this. Inequality of access in other Kenyan
cities has led to urbanization to promote digital jobs, resulting in informal laborers
earning poor salaries. Does the technology give immediate advantages to the
community if it is incorporated into society's structure? Unbalances in health,
economics, education, water, cleanliness, and other areas will result as a result of the
circumstance.

I don't think it's as easy as that, as Ndung'u (2017) wrote regarding contemporary
agriculture and technology. Agriculture with technology does not imply halting the flow
of urbanization to alleviate poverty; if technology in agriculture can be deployed en
masse to increase farmer welfare because service providers will undoubtedly benefit for
wide commercial reasons. The competition will continue to take place, just as it does in
my nation, and Kenya, as part of globalization, will (or has) experienced it as well.
The only reason for technology regulation, particularly in the financial technology sector,
is to prevent money laundering, transaction security, and technical innovation.
Surveillance and theft of user data, transaction costs, and currency conversion tax are all
disadvantages. Have you ever used Paypal to withdraw money from your M-Pesa
account? PayPal (PayPal, 2018). Do you provide personal information with these two
businesses, such as your biological mother's name? Do you get offers from other
services that allow you to make digital payments? It raises sticky considerations about
consumer data privacy while simultaneously offering attractive career prospects for
innovators. And how service employees are included in the broader policy framework, as
well as what the future welfare of workers will look like.

My critical note:

Everyone can connect and be linked to all daily activities using digital electronic devices
that can be accessed anytime and anywhere thanks to the internet's connection,
flexibility, and accessibility. People are moving to use science and technology to
construct new worlds where nearly all of their wants can be satisfied right in their hands.
All information and services are now easily available via computers or cellphones thanks
to the internet.

When the global financial crisis peaked in 2008, digital technology in services evolved as
a result of globalization. Capital owners used the sharing economy (a derivation of the
gig economy) model to move the labor market and enhance the service sector to
overcome the crisis. In the meanwhile, advancements in internet-based technology have
aided the sector in creating additional new prospects. The service industry provides one
of the opportunities. The service industry is growing in terms of employment. Everyone,
including employees, users, and service providers, may choose when, where, and how
this model is used. Cachon et al. termed the set and control -primarily by users- as self-
scheduling (pp. 337-341).
Financial firms construct tools to conduct money circulation in lending, investing,
generating funds, and partnering with organizations that provide digital platform
services and internet providers in the financial industry. (p. 9 in LEVIN, n.d.) Meanwhile,
service providers with surplus capacity and high value may cut production costs by
deploying electronic devices and smart applications, which Munger (2018, pp. 167-186)
calls the "sweet spot." This is a critical requirement for boosting economic growth.
Improving economic growth has also been a focus in long-term development,
narrowing the gap between national and international financial markets, as globalization
desires.
References:

Cachon, G. P., Daniels, K. M., & Lobel, R. (2019). The role of surge pricing on a service
platform with self-scheduling capacity. Sharing Economy: Springer series in supply chain
management, 6, 334-372.
https://doi.org/10.1007/978-3-030-01863-4_6

LEVIN Institute. (n.d.). Technology and globalization.

Globalization101. https://www.globalization101.org/uploads/File/Technology/tech.pdf

Munger, M.C. (2018). Tomorrow 3.0: Transaction costs and the sharing economy.
Cambridge University Press. https://doi.org/10.1017/9781108602341

Ndung'u, N. (2017). The regulatory environment and technological innovation in Africa:

Any tension? (Chapter 3). Foresight Africa 2017 Report. Brookings Institute.
https://www.brookings.edu/wp-content/uploads/2017/01/
global_20170109_foresight_africa_chapter-3.pdf

PayPal. (2018, March 29). How to use Paypal mobile money service with M-pesa [Video].
YouTube. https://www.youtube.com/watch?
v=4l0ZUKBhY7o&t=67s&ab_channel=PayPal