Spire speaks on rise in mobile wallets across Asia

As use of mobile wallets grows across Asia, digitalized financial services are transforming consumer behavior. In this context, Informa Business (IBC) organized the 4th Annual Mobile Wallet Conference to discuss key industry trends, opportunities and challenges in Jakarta, Indonesia.

Jeffrey Bahar, Deputy Chief Executive Officer of the Spire Research and Consulting group, was honored to be a guest speaker at this event. In his presentation, Bahar highlighted key facts about the mobile wallet ecosystem in Asia with focus on consumer trends, growth drivers and acceptance of digital currency.

Bahar mentioned the rise mobile wallet payments is due to faster transactions (71%), ease of use (55%) and the need to have cash on hand (47%). There are more opportunities for organizations, regulators and startups due to the convergence of multi-channel integration, integrated IT infrastructure, digital currencies and Big data analytics, to name a few trends.

The Philippines became one of the first countries to launch mobile wallet services with a cost-effective digital remittance program. It channeled a total of USD25.48 billion in remittance value in 2015.

On the other hand, the potential of Peer-to-Peer (P2P) digital currency is vast. Blockchain – another type of cryptocurrency – is gaining popularity. J.P. Morgan Chase & Co. and Citibank Inc. successfully tested the record-keeping technology behind Blockchain on credit-default swaps in April 2016.

However, there is still some degree of skepticism about the legality of P2P digital currencies in specific countries. Japan recognizes Bitcoin and digital currencies whereas Hong Kong does not have laws governing this space at present and a de facto ban is in place in Russia.

Bahar’s presentation deck on “Mobile Wallet Trends” can be found here.

https://www.spireresearch.com/newsroom/events/spire-speaks-on-rise-in-mobile-wallets-across-asia/

Comments

Android market in India

- Saurabh Sharma, Country Manager, Spire Research and Consulting India can easily be considered as an Android country since 91% of its market share belongs to devices using Google’s mobile operating system. It is an open-source, Linux-based operating system designed specifically for smartphones and computer tablets. This facilitates easy accessibility for programmers to provide enhanced services as well as improve the core functionality of the device. According to statistics, the Android platform has breached 80% market share globally in the third quarter of 2013. With 40 million smartphones in the country, Indian users have an easy access to smartphones to stay connected online. With more consumers wanting to get their hands on smartphones and computer tablets, this has unsurprisingly pushed for the dominance of Androids across markets. Moreover, Androids is adopted by all major smartphone players in India – local players such as Karbonn and Micromax, as we...

FIFA World Cup 2018 holds lessons for successful team building

The FIFA World Cup 2018 is widely seen as one of the best World Cups in recent memory, with many surprises and goals aplenty. One talking point was the role of teamwork as opposed to just superstar talent. What lessons can businesses learn from the beautiful game? Leon Perera, CEO of Spire Research and Consulting, shared his thoughts in The Business Times – Views from the Top section on 23 July 2018. As World Cup fever draws to an end, the game lived up to its hype with breath-taking goals and outstanding performances. Perera highlighted the role of 'team effort' over mere individual talent, which was evident in the early failure of teams with world-class superstars like Argentina and Portugal. Perera also pointed out the importance of investing in new talent pipeline development, which paid rich dividends for France, the winning team and also one of the youngest teams in the World Cup. The game also highlighted the role of risk-taking. A relentless approach t...

2022: Recovery or Resurgence?

The Covid-19 pandemic officially marks a grim second year this year. Nonetheless, there is some optimism among scientists that while the virus will become endemic, its threat to human life could reduce over time. In the first of a three-part Spirethoughts instalment examining analysts’ predictions for the new year ahead, we look at 3 economic and social trends that are likely to affect the global economy in 2022. Debt and inflation to grow . Global debt accelerated during the pandemic as governments continued to borrow. Twenty-five nations, including the US and China, now have total debt amounting to more than 300% of GDP, as central banks contribute to inflation by printing money, deepening the debt trap. Inflation, while on the rise, seems unlikely to hit the historic double-digit levels of the 1970s, as government spending should ease in 2022. Industries overheat amid global warming “greenflation”. The other continuing story with global imp...

Amazon enters the healthcare sector

Amazon is eyeing the healthcare sector. It has rolled out a line of private label, over-the-counter medicines along with medical supplies for hospitals, doctors and dentists. Whether it is selling prescription or generic drugs, Amazon seems poised to disrupt the healthcare industry. However, Amazon faces its own share of hurdles. It will need licenses from each state to be able to sell medical supplies. Medical practitioners may prefer to stay loyal existing sales channels. Waiting 24 to 48 hours for a pain or cold medicine means that customers may still run to the nearest pharmacy. Will Amazon disrupt the healthcare industry? Read more here: https://www.spireresearch.com/newsroom/spirethoughts/amazon-enters-the-healthcare-sector/

Asia-Pacific nations poised to sign the world’s largest multi-lateral trade agreement, RCEP, in 2020

After six years of negotiations, more than a dozen countries in the Asia-Pacific are poised to sign the world’s largest trade agreement, known as the Regional Comprehensive Partnership (RCEP), in 2020. This agreement would boost commerce among participating countries by lowering tariffs as well as standardizing customs rules and procedures. The RCEP will widen market access, especially for those countries that do not have existing many bilateral trade agreements in place. Will India pay a price for its decision to stay out of the RCEP? Read more: https://www.spireresearch.com/newsroom/spirethoughts/asia-pacific-nations-poised-to-sign-the-worlds-largest-multi-lateral-trade-agreement-rcep-in-2020/

The Knowledge to Decide

Search This Blog