Join the Community

22,994
Expert opinions
43,830
Total members
393
New members (last 30 days)
170
New opinions (last 30 days)
28,982
Total comments

No one needs Wallet...then what is the need of people

Question to all bank CEO: Why Ýour' Bank is not encashing on their strengths and why wallets are taking birth like dime-a-dozen.

Wallets would survive only in that country where cost of banking transaction is very high and the user needs cheaper alternative. Example: Any african country.

All concepts like unbanked, financial inclusiveness are gimmick. Africa is a success story for wallets because African banks are ripping people with all sort of obnoxiously high charges/fee. They created their own enemy (like mPesa) and now amusingly Equity Bank has applied for VNO license. I am surprised...who advises such moves. It is laughable that in US/UK, we expect a person to own a mobile but not have a bank account....and then we offer wallet. Folks... which world are we living in and whom are we fooling. 

Kenyan banks already have an existing infra-structure, wherein they can beat any Telco on their own turf....and bingo... with zero cost of transaction. Are Kenyan banks aware of it...?

Unfortunately, rest of the world is disillusioned by mPesa and similar examples and they are burning investors' money...offering a wrong solution to an unknown problem.

Need is not a wallet...but need is a payment system. I hope wise people can make out the huge difference. mPesa is not behaving as a wallet...but it has become mode of payment...for all purposes.

Banks had and would continue to have significant advantage in mobile based payments...be it meaningless wallet or else. It is just they need to see it in front of their eyes...already existing.

 

External

This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.

Join the Community

22,994
Expert opinions
43,830
Total members
393
New members (last 30 days)
170
New opinions (last 30 days)
28,982
Total comments

Trending

Teo Blidarus

Teo Blidarus CEO and Co-Founder at FintechOS

The evolution of life-centricity in banking

Igor Kostyuchenok

Igor Kostyuchenok SVP of Engineering at Mbanq

Stablecoins are the Death of SWIFT?

Steve Haley

Steve Haley Director of Market Development and Partnerships at Mojaloop Foundation

Bridging the Gap Between Closed-Loop and Open-Loop Payments Systems

Now Hiring