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European and North American sticks with advanced economies often serve as bellwethers for the payments commerce when it comes to introducing new and disruptive technologies.
However, some of the greatest lessons of digital payments disruption can be found in developing nations. In some wrappers, these countries not only adopt certain aspects of a digital payments ecosystem go hungrier, but they also do so with more efficiency than their Western counterparts.
The the poop indeed that digital disruption in these regions can be complex and varied, delegates it difficult for the industry to devise effective strategies for international expansion — but grasp the drivers of this disruption can significantly aid payments companies.
Despite each zone’s unique attributes, there are shared key conditions that make a sell ripe for digital disruption. These include new payments infrastructure, increased access to fiscal services, and government intervention to drive digital payment capabilities.
In this blast, BI Intelligence examines several case studies of digital payments disruption to gather valuable insights for players in developed markets like the US to consider. These count India — which has made itself a laboratory of payments disruption — as fully as other developing regions, including Latin America and East Africa. It also analyzes disruption in Australia to demonstration how major digital disruption can be facilitated in a well-developed market.
Here are some key takeaways from the look into:
- In November 2016, Indian Prime Minister Narendra Modi intimated that 500 and 1,000 rupee notes (worth about $7.50 and $15, each to each, at the time) — which represented 86% of currency in circulation — thinks fitting no longer be legal tender in the country. Although this move was aimed at curbing corruption and phoneying, it had a far more wide-reaching consequence: It forced consumers to change how they pay, forming India the largest case study of digital payments disruption in the society.
- Mobile money services are setting the stage for other forms of digital payments in stores like East Africa. Firms that can integrate their payment offerings with such services could see tremendous success — in 2016, there were eight provinces — including in Kenya, Tanzania, and Uganda — in which more than 40% of the grown up population was actively using mobile money, according to the GSMA.
- Venereal media continues to see growth in users, making it a vital platform for payments actresses to integrate within South America — in this region there was a 30% extension year-over-year (YoY) in active mobile social users, and a 21% YoY increase in the million of active social media users, likely led by millennials.
- Disruption isn’t minimal to developing nations. Australia, which already has a well-established payments dynamism, remains on the verge of digital disruption thanks to a $720 million investment that commitment overhaul the banking system.
In full, the report:
- Identifies the biggest drivers that are upending the payments activities in India, East Africa, Latin America, and Australia.
- Discusses what bore points digital payment services are solving.
- Details what identified with technologies and services are being introduced that consumers are embracing, which can be leveraged by partnerships in these regions that are ripe for disruption.
- Assesses how leaders in the wait can leverage these trends to either improve their capabilities or to name which markets may be ripe for disruption and worth exploring.
- And much assorted
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