MOBILE PAYMENTS
64 players could partner across different regions , we would be a lot closer to achieving global e-wallet acceptance and a lot closer to a viable global alternative to cash .” It ’ s not just the financial world that ’ s set to reap the rewards of a cashless society though . “ I find that in a lot of cases , the benefits of going cashless go hand in hand with increasing operational efficiency of businesses ,” observes Quah . “ Merchants should think beyond just accepting payments but also to how going cashless can impact their overall profitability .”
Looking to the future , the payments industry is set to keep up its blistering rate of innovation and this will partly be enabled by the highly anticipated rollout of 5G . “ 5G opens up a host of new opportunities , use cases and business models ; if paired with payments , this can revolutionise the way consumers interact and the way enterprises compete ,” explains Quah , underlining how 5G may solve current challenges surrounding real-time payment acceptance , for example . Other cutting-edge tools like biometrics are quickly coming to the fore
“ The potential for the payments industry is much bigger than just replacing cash : it is an enabler of industry transformation ”
— Mei Lee Quah , Associate Director , Frost & Sullivan
too . For instance , American multinational , MasterCard , has pledged that all consumers will be able to identify themselves with biometrics such as fingerprints or facial recognition when they shop and pay with Mastercard this April . “ Mobile biometrics will become an enabler of mobile payments ,” observes Quah . “ When large players like MasterCard make a move in this direction , the impact is not just regional but global .”
SEPTEMBER 2019