financial systems onto cloud , unlocking a new realm of increased scale , efficiency , and seamlessness .”
“ Such systems should be able to utilise AI , data analytics , and sophisticated rule engines to identify anomalies in transaction trends and curb fraud attempts in real-time .
“ They should also be able to perform transaction velocity checks and map , analyse , and block the connections of fraudulent users . To succeed , this level of security and trust is paramount .
“ Finally , companies are currently late on the potential of cloud to improve scalability . Through the next decade , expect to see telecom companies seek out a partner that can integrate their digital
The future of payments and telecoms But is scaling cloud capabilities the only thing in the future relationship between payments and telecom companies ?
While cloud migration is an important step , this is just one area where Belda feels telecom companies will move from solely being a telco to a ‘ techco ’ ( a telecoms operator to a technology company ).
He adds : “ This has been widely discussed across the telecoms industry over the last few years , with the aim of enabling telecom companies to win new business in wider technology sectors including AI , IoT and cloud .
“ We ’ ll likely see something similar happen with telecom and payments companies . Many operators already offer some form of financial service , like paying for a phone in 12 instalments alongside a new subscription – the precursor of BNPL in Europe .
“ In the future , we ’ ll see increased partnerships and collaboration to offer a breadth of services to customers .”
This is echoed by Persson , who calls digital the next frontier .
“ More than 160 telecom operators offer mobile financial services today across geographies including the Middle East , Asia Pacific , the Americas , and Africa ,” he adds .
“ Telecom operator MTN Uganda , for example , sees approximately 29 % of its revenue come from fintech services . That is incredibly significant .
“ With existing services like data and voice stagnating , there ’ s no doubt more operators will continue to jump on board as digital payments become a key avenue for companies to diversify their revenue .”
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