Despite all the fuss about Apple Pay, the real growth in mobile payments has been in emerging markets in Africa and India, where simple solutions, often SMS-based, have targeted the ‘unbanked’. However, even the heavyweight in this market, Vodafone’s M-Pesa, can be thwarted by a difficult regulatory or economic environment, and Vodacom, a Vodafone joint venture, is discontinuing the service in South Africa after a review of its viability. CEO Shameel Joosub said in a statement: “Vodacom’s decision is based on the fact that the business sustainability of M-Pesa is predicated on achieving a critical mass of users. Based on our revised projections and high levels of financial inclusion in South Africa there is little prospect of the M-Pesa product…