DIGITAL PAYMENTS
“ Over the next five years , we will see the consumer-driven consolidation of payment options become the standard . Cards , BNPL , open banking , crypto , and loyalty cards will all become commonly available in all transaction channels .”
Hyett adds : “ Consumers want to be able to use their preferred payment methods , and it is imperative that businesses are equipped with the right solutions to meet these growing needs .”
Super e-wallets and the collection of data Along with super apps comes the concept of the super e-wallet . No longer just a one-trick payment pony like its predecessor , the super e-wallet offers a range of payment services to the user . What it also does , though , is provide lots of data on the customer , ostensibly helping fintech companies create personalised services for their users .
They have numerous digital payment usecases , including storing electric vehicles ’ key information , membership cards , gift cards , tickets to events , travel tickets , users ’ driver ’ s licences and more . E-wallets are also increasingly being used to trade cryptocurrencies – their introduction has enabled people to use a wide manner of financial services previously not open to them . In this way , e-wallets have helped to increase financial inclusion .
The super app e-wallet concept has taken off in Asia , in particular , where the number of unbanked people is high , but mobile adoption is still higher . OMG Indonesia ’ s Deependra Shekhawat said recently : “ With Indonesians integrating e-wallets into their daily lives and using the same environment for different purchases and purposes , it becomes easy to track their digital footprint .” Eunice Tan of TSLA , meanwhile , points out that the growing frequency of e-wallet
“ CONTACTLESS PAYMENTS BECOME MORE POPULAR , THE FINANCE INDUSTRY MUST STEP UP TO THE CHALLENGE ”
BRAD HYETT CEO , PHOS
68 April 2023