![]() The success of Alipay can be attributed to the fact that it was introduced when mobile adoption in China was booming. The Chinese PayPal equivalent accounts for 44% of global eWallet spend. ![]() In China there is Alipay, the world’s most popular online payment method. Today, over 40% of the country’s GDP flows through M-Pesa, the e-Verison of the Kenyan Shilling. M-Pesa, which was launched almost ten years ago in Kenya, has shown the transformative potential of mobile money. There is a lot of hype about banking the unbanked but digital wallets don’t require a bank account. In 35 years, half of the world population will live in Africa, a continent with a large unbanked population. The African consumer market is regarded as the next investment frontier with a population of over a billion. In Africa, digital wallets supersede physical cash, leapfrog card payments and aim to be part of an international ecosystem. Digital wallets have struggled to take off in the Western world but here is what we know about digital wallets in other parts of the world: We don’t know how digital wallets will evolve but the future is beginning to look like one that will feature the digital wallet front and center in our digital economy. There is nothing revolutionary about these wallets!Ĭonnected devices, bots, AR/VR, and a variety of global platforms call for a new breed of digital wallets with a focus on Tomorrow’s use. In most cases, these wallets increase convenience in some areas but don’t fundamentally change the nature of transactions. ![]() As a result, we will soon be using a plethora of wallets, each catering to specific use cases and coming with separate terms and restrictions. Most wallets are geographically restricted and are designed to cater to specific cases, such as point-of-sale transactions, remittance, or they are linked with certain e-commerce sites, such as Amazon. And then, there are combo wallets, like my Starbucks app, which serves as a digital prepaid account and contains my “star” balance reminding me of my extensive coffee consumption.other wallets provide access to your existing bank account.some digitize debit/credit card information (ApplePay) to facilitate point-of-sale transactions,.There are wallets holding digital cash (PayPal),.Today’s digital wallets come in different shapes but offer only one or a few of the functions compared to your traditional wallet: A digital wallet essentially contains the same items but technology, financial regulations, and various other reasons have inhibited a true digital wallet combining all these things. Your wallet has been and is your very personal companion in a world of physical interactions. Look inside your own leather wallet: you have cash, but you more than likely also have credit cards, loyalty cards, your driver license, ID, receipts, and punch cards. But let’s start with what digital wallets are since the term has been used with various interpretations. They will reshape how we interact, how and when we pay for products and experiences, but most importantly, they will enable a new breed of transactions driven from contextual activities. “Merchants will also be able to save on technical equipment as the payment QR code can be easily generated on a webpage, printed material or an email, while reaching more consumers on the go.” First launched in China, Standard Chartered plans to expand the offering to other global markets during 2017.Digital wallets are poised to transform the payments landscape far beyond just technology. “In addition to the greater simplification of receivables management, the solution allows for corporate merchants to customise their online checkout experience and secure transactional data. “The quick response (QR) based solution with WeChat Pay will help clients harness the growth in e-commerce and alternative payment methods, a market which is expected to reach US$2.4 trillion globally by 2019,” the bank added. ![]() The bank said that the collaboration combines its cash management offering with WeChat Pay’s online payment gateway to reach over 800m consumers in China, making Standard Chartered the first global bank to offer a one-stop online collection solution with WeChat. Standard Chartered Bank (China) has teamed with China’s Tencent Financial Technology Group (Tencent FiT) to launch a new electronic commerce (e-commerce) solution for corporates. ![]()
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