Online payments are now mobile. As consumers increasingly use their smartphones
to shop for goods and services, bank, and settle bills, the global mobile payment
market reached an impressive $2,127.1 billion in 2022 and is expected to be nearly
triple that by 2028.1
This surge of digital financial services presents an urgently needed opportunity for the
telecommunications industry to extend into new markets and generate additional
revenue streams. Some communications service providers (CSPs) have transformed
landscapes with mobile money in emerging markets, including countries across
Africa. 2 Others are exploring an Economy of Things, where IoT devices complete
transactions. 3 Yet some have been taking a wait-and-see approach to mobile financial
services.
The waiting period is over. Fast-moving fintechs and startups can gain the edge if CSPs
don’t move quickly. Enterprise telecom customers are also enamored: nearly two in
three (63%) said they are interested in payment solutions from their CSPs in recent
research from the IBM Institute for Business Value (IBM IBV). 4 This is unsurprising
given the brand trust with CSPs.
But CSPs cannot deliver these solutions alone. They must partner with banks,
which can help ensure mobile transactions are seamless, secure, and successful.
The growth of technologies such as cloud and open application programming
interfaces (APIs) clears the way for banks and CSPs to collaborate and create
real-time financial solutions.
Read our report and learn:
- 4 pillars of potential opportunities
- Why banks and CSPs are natural partners
- 3 critical steps for successful revenue-generating partnerships
- Detailed action guide offering specific measures that executives can pursue
Download the full report here.
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