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.
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