Key to next phase of mobile revolution? A secure digital ID
This will require the concerted effort of all three pillars of the digital economy - government, banks and mobile wallets.
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IN the United States or Europe, the transition from credit cards and cash to frictionless mobile payments is happening slowly. America's Apple Pay rolled out in 2014; though growth is speeding up, Apple Pay transactions made up less than 2 per cent of merchant transactions in 2016. No wonder: 93 per cent of Americans have bank accounts, and nearly as many have plastic credit or debit cards. Even if mobile payments offer faster and easier options, they are happy with the solutions they have.
Unfortunately, they might be missing the next big step in the mobile revolution.
China, for example, is leading the way in this regard, with 630 million people projected to make mobile payments in 2020. In some estimates, consumer spending on mobile may reach as high as US$1.5 trillion. This momentum is already in full swing, with e-commerce company Alibaba racking up US$17.8 billion in sales in a single day last November.
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