According to Zion Market Research, the global mobile wallet market is expected to reach about USD3,142 billion by 2022, growing at a CAGR of around 33.0% from 2017 to 2022[1]. Due to the worldwide adoption of smartphones and technological advancements, the segment is witnessing exponential growth. Countries including India, China, and other emerging nations are spearheading the global growth of mobile wallets. Interoperability of mobile and digital wallets is an upcoming trend. Recently, Tigo in Bolivia entered into an agreement with the local banking sector to make transfers from Tigo Money to other bank accounts. Such interoperability will help to lower the cost of cash handling and eventually displace cash. In a similar move, RBI is to make digital wallets in India interoperable. Phase one of the program will cover the transfer of cash from one wallet to another, with phase two covering the transfer of cash from wallets to bank accounts. In the third phase, interoperability for wallets issued as cards will be allowed, but banks may still issue prepaid instruments in partnership with authorized card networks. The proposed interoperability will be offered on the UPI infrastructure.



Digital-world consumers expect banks to securely step up their technology game


Traditional banks must evaluate their place within the payments ecosystem and be open to partnering with FinTechs and third-party developers to drive value collaboratively.

Collaborative Payments Ecosystem Boosts Customer Centricity


Structural changes are spurring payments industry participants to evaluate the future of the business as well as their role in the months and years ahead.

New payments ecosystem key enablers


The Payment Services Directive 2 or PSD2 has been in full force for more than six months, and its impact is being felt not just in the European Union, but across the globe – with several markets, such as Singapore, Australia, and Nigeria, as well as Hong Kong announcing open banking initiatives inspired by the PSD2


By continuing to navigate on this website, you accept the use of cookies.


Close cookie information