Most of the companies coming into the mobile payments space are actually coming in with little or no experience of the sector and often fail to provide a soulful touch and product to customers. Segmenting customers based on a few simple parameters (like age, potential earnings and spending habits) will therefore ensure that business models are drawn properly and will serve relevant customers.
Today’s consumer expects a seamless mobile payment experience; failing to meet those expectations can be devastating to a brand, idea, innovation and eventually the payments industry. Banks in particular will need to move swiftly if they are to take advantage of the opportunities on offer in the global payments business, or risk losing out to nimbler competitors.Although Mobile Money had been designed as a peer-to-peer payment system but it has gone much beyond the basic idea..
MNO’s speed to achieve their goal to standardise, automate, digitise, remove boundaries by brining cross order financial/remittances service in form of payments, cash, airtime, paperless and online. At the same time banks are still in their canteens with their coffee mugs without any sign of worry but in reality all African banks face tough challenges from MNO’s & Fintech players.
Almost all players who entered into payments in arena of FinTech domain are actually coming out of this game park with zero or no knowledge. This is giving too much innovation to put idea on table but takes longer to make it reality. Technical companies entering financial domain and making it interesting by doing technical integration, or “fintegration”, of fintech services, the latter interfacing directly to bank customers for
Payments – After the year 1980 we have witnessed the rapid transformation of payment methods/instruments. From Cash papers and coins to bank cheque to mobile money. The form money has also got transformed big time from paper to bits and bytes i.e electronic. Monet got transformation from being […]