DOCSLIB.ORG

Making Mobile Financial Services Work for Central and West Asian Countries

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Making Mobile Financial Services Work for Central and West Asian Countries Technical Assistance Consultant’s Report Project Number: 43359 May 2014 Regional: Financial Sector Development in Central and West Asia (Financed by the Asian Development Bank’s Technical Assistance Special Fund) Making Mobile Financial Services Work for Central and West Asian Countries Prepared by the Frankfurt School of Finance & Management This consultant’s report does not necessarily reflect the views of ADB or the government concerned, and ADB and the government cannot be held liable for its contents. (For project preparatory technical assistance: All the views expressed herein may not be incorporated into the proposed project’s design.) FINANCE SECTOR DEVELOPMENT IN CENTRAL AND WEST ASIA Making Mobile Financial Services Work for Central and West Asian Countries FINANCE SECTOR DEVELOPMENT Prepared by the Frankfurt School of Finance and Management i Contents Abbreviations ..........................................................................................................................................................ii Boxes, Figures, and Tables ...................................................................................................................................... iii I. Introduction .....................................................................................................................................................1 II. Mobile Financial Services ................................................................................................................................ 3 A. Evolution ................................................................................................................................................... 3 B. Concepts .................................................................................................................................................. 6 C. Technology Enablers ...................................................................................................................................7 D. Mobile Financial Services Models ............................................................................................................... 9 III. Mobile Financial Services to Provide Financial Inclusion ...................................................................................11 A. A Theoretical Concept for Mobile Financial Services .....................................................................................11 B. Developed Countries ................................................................................................................................ 13 C. Developing Countries ................................................................................................................................15 IV. Mobile Financial Services in Central and West Asian Countries ........................................................................ 23 A. Armenia .................................................................................................................................................. 23 B. Azerbaijan ............................................................................................................................................... 26 C. Kyrgyz Republic ........................................................................................................................................27 D. Pakistan ................................................................................................................................................. 28 E. Tajikistan ................................................................................................................................................ 30 F. Uzbekistan ...............................................................................................................................................32 V. Making Mobile Financial Services Work in Central and West Asian Countries ................................................... 35 A. Cross-Country Analysis ..............................................................................................................................35 B. Summary of Mobile Financial Services Initiatives ........................................................................................ 38 C. Gap Analysis and Recommendations ......................................................................................................... 38 VI. Summary and Conclusion ............................................................................................................................... 43 References ...........................................................................................................................................................45 ii Abbreviations ADB – Asian Development Bank AFI – Alliance for Financial Inclusion AMD – Armenian dram CGAP – Consultative Group to Assist the Poor DOI – Digital Opportunities Index GDP – gross domestic product GNI – gross national income GSMA – Groupe Speciale Mobile Association G-20 – Group of Twenty ICT – information and communication technology IDI – ICT Development Index IFC – International Finance Corporation IMF – International Monetary Fund ISP – internet service provider ITU – International Telecommunication Union SIM – subscriber identiication module SMS – short messaging service UNDP – United Nations Development Programme US – United States iii Boxes, Figures, and Tables Boxes 1: Agent Banking in Brazil .........................................................................................................................................9 2: Online and Mobile Banking in the United States ...................................................................................................14 3: Regulation of Mobile Financial Services in the European Union ..............................................................................15 4: The Group of Twenty ..........................................................................................................................................16 5: M-Pesa, Kenya ...................................................................................................................................................20 6: Smart Money, Philippines ...................................................................................................................................22 7: MobiDram, Armenia ...........................................................................................................................................25 8: MobilBank, Azerbaijan ........................................................................................................................................27 9: Easypaisa, Pakistan ...........................................................................................................................................29 10: Agroinvestbank, Tajikistan.................................................................................................................................31 11: Paynet, Uzbekistan...........................................................................................................................................33 Figures 1: The Importance and Evolution of Banking Channels ................................................................................................3 2: Electronic Banking Channels .................................................................................................................................4 3: Mobile Financial Services Models of Cooperation .................................................................................................10 4: Digital Opportunity Index ....................................................................................................................................13 5: Adoption of Mobile Financial Services and Financial Access ..................................................................................17 6: Mobile Financial Services Readiness by Institutional and Market Environment.........................................................19 Tables 1: Mobile Network Generations .................................................................................................................................8 2: M-Banking Applications ........................................................................................................................................8 3: Relative Performance in Mobile Financial Services ................................................................................................18 4: General Country Data, 2011–2012 .....................................................................................................................36 5: Mobile Phone and Internet Usage .......................................................................................................................36 6: Access to Finance .............................................................................................................................................37 7: Summary of Mobile Financial Services Initiatives ..................................................................................................39 1 I. Introduction he concept of financial inclusion refers to several dimensions of the financial system working toward services tailored to clients across a broad spectrum of income groups, not just the wealthy (Tilman 2012). The quality of financial services and ways to deliver them have become more important
Load more

Recommended publications
  • Digital Payments: Prospects for South Asia and Pakistan
    52 Journal of Contemporary Studies, Vol. V, No.2, Winter 2016 DIGITAL PAYMENTS: PROSPECTS FOR SOUTH ASIA AND PAKISTAN Dr. Muhammad Zia-Ur-Rehman & Umara Afzal* Abstract The study focuses on the prevailing digital payment patterns across South Asia and the trends and challenges emerging in Pakistan. Some of the crucial digital payment instruments and devices in relation to the e-commerce, m-commerce environment are analysed. The ways in which South Asian businesspersons, customers and employers are replacing hard cash with digital payments are examined. Based on such analysis of trends and patterns widespread in today’s world, the article also discusses the advantages of various devices of digital payments. The paper underscores the prospects and policy recommendations of digital payment trends in Pakistan. Key Words: Digital Payments, Mobile Payments, QR Codes, Point of Sales, NFC, South Asian Trends Introduction n early 2000s, digital payments became a global phenomenon. In developing countries of South Asia digital payments within the realm I of Mobile Banking has recently caught more attention.1 With the help of digital payments, consumers pay bills for products and enterprises operate with them at the core of their business models, utilizing various smart phones, gadgets and tablets. The benefits of digital payments are * Dr. Muhammad Zia-ur-Rehman is Assitant Prof. at Department of Leadership and Management Studies, National Defence University. Umara Afzal is a former M.Phil Scholar of Department of Leadership and Management Studies, National Defence University. 1 Tomi Dahlberg, Niina Mallat, and Anssi Öörni, Trust Enhanced Technology Acceptance Model-Consumer Acceptance of Mobile Payment Solutions, the Stockholm Mobility Roundtable 2003 (Finland, 2003), https://pdfs.semanticscholar.org/d6b6/7e730218100e82c70525249462b02 4515d0b.pdf.
    [Show full text]
  • Transport and Communications
    Chapter 14 TRANSPORT AND COMMUNICATIONS A well functioning Transport and communication I. TRANSPORT system is a critical pre-requisite for a country’s i. Road Transport development. Investment in the infrastructure directly affects economic growth through many Road transport is the backbone of Pakistan’s changes such as allowing producers to find the transport system, accounting for 90 percent of best markets for their goods, reducing national passenger traffic and 96 percent of freight transportation time and cost and generating movement. Over the past ten years, road traffic – employment opportunity. In addition, efficient both passenger and freight – has grown much transport and communication systems also have faster than the country’s economic growth. The network effects and allow adoption of latest 10,849 km long National Highway and Motorway production techniques such as just-in time network contributes 4.2 percent of the total road manufacturing. network. They carry 90 percent of Pakistan’s total traffic. Infrastructure development has been a priority area for Pakistan as evidenced by a number of Pakistan, with about 156 million people, has a projects completed or in progress. Major reasonably developed transport system. However, infrastructure projects completed during the last when compared with other developed and seven years include: Islamabad-Lahore Motorway developing countries, the road density of Pakistan (M-2), Makran Costal Highway, Nauttal-Sibi is low. This fact is documented in Fig-14.1. A section including Sibi Bypass, Dera Allah Yar- commonly used indicator for development of the Nauttal Section, Khajuri-Bewata Section N-70, road system is road density (total length of road / Kohat Tunnel and Access Roads, Mansehar-Naran total area), which is often used as an index of Section, Karachi Northern Bypass, Qazi Ahmed & prosperity, economic activity and development.
    [Show full text]
  • Telenet Opens Your World Annual Report 2005 Internet Customers (000S) Telephony Customers (000S) Revenue (In Million Euro) EBITDA (In Million Euro - US GAAP)
    THE MULTIPLE FACETS OF GROWTH Telenet opens your world Annual Report 2005 Internet customers (000s) Telephony customers (000s) Revenue (in million euro) EBITDA (in million euro - US GAAP) 624 364 737,5 330,6 528 286 681,1 299,6 235 413 230,1 187 181 502,3 301 307,1 82,6 196 104 172,3 85 -18,6 2000 2001 2002 2003 2004 2005 2000 2001 2002 2003 2004 2005 2001 2002 2003 2004 2005 2001 2002 2003 2004 2005 Internet customers (000s) Telephony customers (000s) Revenue (in million euro) EBITDA (in million euro - US GAAP) Total iDTV boxes sold 624 364 Capital Expenditure (in million euro - US GAAP) Total debt / EBITDA ratio 737,5 18 330,6 528 16.8 286 200,5 681,1 16 299,6 100,000 235 176,7 413 14 230,1 187 181 502,3 141,5 12 301 10 307,1 82,6 Telenet in a nutshell 100,4 196 104 8 6.72 172,3 67,4 6 4.96 85 3.85 4 -18,6 2 2000 2001 2002 2003 2004 2005 2000 2001 2002 2003 2004 2005 2001 2002 2003 2004 2005 2001 2002 2003 2004 2005 Aug 05 Sept Oct Nov Dec Jan 06 0 2001 2002 2003 2004 2005 2002 2003 2004 2005 Internet customers (000s) Telephony customers (000s) Revenue (in million euro) EBITDA (in million euro - US GAAP) Total iDTV boxes sold 624 Capital ExpenditureFinancial (in million euro364 - US GAAP) Total debt / EBITDA ratio Consortium GIMV 18 737,5 330,6 528 4.00% 9.69% 286 Other 16.8 681,1 299,6 200,5 (0.3% Suez and 0.3% banks) 16 100,000 235 413 Interkabel 176,7 230,1 Mixed 187 14 4.15% 502,3 intercommunales181 141,5 12 301 & Electrabel 16.50% 10307,1 82,6 196 104 100,4 8 6.72 172,3 6 85 67,4 4.96 3.85 -18,6 Free float 4 Liberty Global 43.91%
    [Show full text]
  • Journal of Contemporary Studies a Biannual Publication of Faculty of Contemporary Studies
    Journal of Contemporary Studies A biannual publication of Faculty of Contemporary Studies Patron-in-Chief Lieutenant General Nazir Ahmed Butt, HI (M), President, National Defence University, Islamabad. Chairman Prof. Dr. Pervaiz Iqbal Cheema, Dean, Faculty of Contemporary Studies, National Defence University, Islamabad EDITORIAL BOARD Editor-in-Chief Dr. Zulfqar Khan Editor Dr. Shaheen Akhtar Assistant Editors Dr. Khuram Iqbal Mr. Tasawar Hussain EDITORIAL ADVISORY BOARD Prof. Ian Talbot, Professor of Modern British History at the University of Southampton, UK. Prof. Dr. Sally Wallace, Andrew Young School of Policy Studies, Georgia State University, USA. Prof. Dr. Mehmet Asutay School of Government and International Affairs, Durham University, UK. Prof. Marvin G. Weinbaum, Director for Pakistan Studies at the Middle East Institute, USA. Dr. Andrew Futter, Associate Professor of International Politics at University of University of Leicester, UK. Dr. Julian Droogan, Department of Security Studies and Criminology, Macquarie University, Australia. Dr. S. Gulden Ayman, Associate Professor, Marmara University Istanbul, Turkey. Dr. Nishchal N. Pandey, Director Centre for South Asian Studies, Kathmandu, Nepal. Dr. Ying Rong, Senior Research Fellow, China Institute of International Studies (CIIS). Professor Tim Edmunds, Director of Teaching and Learning School of Sociology, Politics and International Studies (SPAIS), University of Bristol, Bristol, United Kingdom. Dr. Hasan Askari Rizvi, Political and Defence Analyst, Pakistan. Dr. Moonis Ahmar, Dean, Faculty of Arts, University of Karachi, Pakistan. Dr. Rashid Ahmad Khan, Dean Social Sciences, University of Sargodha, Pakistan. Dr. Ejaz Hussain, Professor National Institute of Pakistan Studies, Quaid-i-Azam University, Islamabad. Winter 2016 Volume V, Number 2 JOURNAL OF Editor-in-Chief Dr.
    [Show full text]
  • Ferdig-Master.Pdf
    Abstract Mobile banking has been anticipated as the next step in digital finance for years. It is now, suddenly emerging in the developing world as a viable option for bringing banking services to the unbanked population of the world. The first part of my research question is: what issues resulted in the slow adoption of mobile banking? I find that the main reasons is the lack of a standard, providing a framework for innovations to emerge in. The second part of my research question then follows as, what are the dynamics between standardization and innovation in the Pakistani mobile banking market? To study this I conduct an empirical study of Easypaisa, analysing it in light of Information infrastructure theory. My findings are based on three topics. Firstly, that the establishment of the OTC money transfer standard has made the original plan for expansion change direction, focusing more on innovating on top of this standard rather than trying to change the standard itself. Secondly, my findings suggest that new trends in the mobile banking industry is requiring Easypaisa to change their internal system to allow for easy integration of 3’rd parties innovators. Thirdly, they suggest that the strong regulation of the branchless banking industry in Pakistan both enable and constrain innovation in the industry. I find that Easypaisa’s exploratory and bottom up approach to development have enabled them to be flexible enough to handle the regulatory standards imposed by the government and have enabled them to establish the OTC standard money transfer option. Further they suggest that the scaling of mobile banking solutions requires standard to emerge, however, it also needs flexibility to allow for innovation.
    [Show full text]
  • Country Diagnostic: Philippines
    Philippines BETTERTHANCASH COUNTRY DIAGNOSTIC ALLIANCE Empowering People Through Electronic Payments July 2015 Development Results Focused Research Program Country Diagnostic: Philippines by James Hokans, Bankable Frontier Associates Philippines BETTERTHANCASH COUNTRY DIAGNOSTIC ALLIANCE Empowering People Through Electronic Payments July 2015 Development Results Focused Research Program Country Diagnostic: Philippines by James Hokans, Bankable Frontier Associates BETTERTHANCASH ALLIANCE Empowering People Through Electronic Payments INTRODUCTION TO THE BETTER THAN CASH ALLIANCE The Better Than Cash Alliance (the Alliance) is a partnership of governments, companies, and international organizations that accelerates the transition from cash to digital payments in order to drive inclusive growth and reduce poverty. Shifting from cash to digital payments has the potential to improve the lives of low-income people, particularly women, while giving governments, companies and international organizations a more transparent, time- and cost-efficient, and often safer means of making and receiving payments. We partner with governments, companies, and international organizations that are the key drivers behind the transition to make digital payments widely available by: 1. Advocating for the transition from cash to digital payments in a way that advances financial inclusion and promotes responsible digital finance. 2. Conducting research and sharing the experience our members to inform strategies for making the transition 3. Catalyzing the development
    [Show full text]
  • Caluwaerts JSC Page.Qxd
    Journal of Payments Strategy & Systems Volume 9 Number 1 Social networks, game-changer for e-money? Will social networks (e-)monetise the payments industry? Philippe Caluwaerts Received (in revised form): 6th December, 2014 Policy Officer, Audit and Credit Rating Agencies Unit, Financial Stability, Financial Services and Capital Markets Union Directorate General, European Commission, Rue de Spa 2 (SPA2 01/103), 1049 Brussels, Belgium Tel: (32-2) 2984811; e-mail: [email protected] Philippe Caluwaerts is Policy Officer in the ecosystem lacking global standards and requir- Directorate-General Financial Stability, Financial ing enhanced collaboration between mul tiple Services and Capital Markets Union of the stakeholders including financial institutions, card European Commission. He was previously schemes, mobile network operators, service involved in the design and implementation of the providers and merchants, and the sometimes European policy on payment services and retail fragmented regulatory regimes, all have to be financial services. As part of his duties, he took addressed for e-money to be successful. This part in the design and negotiation of the revised paper describes why we may be at the forefront rules on electronic money and electronic money of a breakthrough in the e-money market, institutions (Directive 2009/110/EC), which were driven by social networks. In particular, the adopted in September 2009. Currently, he is uptake of electronic commerce, the boom of social expert in the EU regulation on credit rating agen- networks connecting families across the globe cies. Before joining the Commission, he worked and creating opportunities for money remittance, in the private sector in banking, mobile telecom- the active presence of merchants on social net- munications and consulting.
    [Show full text]
  • Asendia USA COVID-19 Update September 25 2020.Xlsx
    Status Key On Schedule Expect Delays Service Suspended Inbound Transportation to Asendia USA Facilities: Facility Transportation Status Date Updated Daily Updates/Comments New York - Hauppauge On Schedule 9/25/2020 Pennsylvania - Folcroft On Schedule 9/25/2020 Florida - Miami On Schedule 9/25/2020 Illinois - Elk Grove Village On Schedule 9/25/2020 California - Bell On Schedule 9/25/2020 California - Hayward On Schedule 9/25/2020 Operational Processing @ Asendia USA Facilities: Facility Processing Status Date Updated Daily Updates/Comments New York - Hauppauge On Schedule 9/25/2020 Pennsylvania - Folcroft On Schedule 9/25/2020 Florida - Miami On Schedule 9/25/2020 Illinois - Elk Grove Village On Schedule 9/25/2020 California - Bell On Schedule 9/25/2020 California - Hayward On Schedule 9/25/2020 USPS International Service Centers: Facility Processing Status Date Updated Daily Updates/Comments The USPS reported that the ISCs are in good condition and delayed volumes are down to one-quarter of what they had been. JFK has about 27,000 on hand and most of that is letter volume. In addition to air lift, the USPS was using surface for parcels destined to Austria, Denmark, Hungary, Poland, Sweden, Czech Republic, Finland, Netherlands, Spain, and Switzerland. Volume is from the JFK, MIA and ORD ISC's. The USPS has no additional surface trips planned but will use as needed. Ocean JFK-RTM since August: ISC New York (JFK) Expect Delays 9/25/2020 - Shipment (9) 7/21 - Arrived 8/11 – containers picked up by Post NL - Shipment (10) 8/4 - Departed 8/5 arrived 8/26 – 1 container - Shipment (11) 8/18 - Departed 8/18 scheduled arrival 9/8 – 2 containers Australia and NZ - USPS reporting delays with air lift from all ISC's.
    [Show full text]
  • DMM Advisory Keeping You Informed About Classification and Mailing Standards of the United States Postal Service
    July 2, 2021 DMM Advisory Keeping you informed about classification and mailing standards of the United States Postal Service UPDATE 184: International Mail Service Updates Related to COVID-19 On July 2, 2021, the Postal Service received notifications from various postal operators regarding changes in international mail services due to the novel coronavirus (COVID-19). The following countries have provided updates to certain mail services: Mauritius UPDATE: Mauritius Post has advised that the Government of Mauritius has announced the easing of COVID-related restrictions as of July 1, 2021, subject to strict adherence to sanitary protocols and measures. On July 15, 2021, Mauritius will gradually open its international borders. However, COVID-19 continues to have a direct impact on international inbound and outbound mails to and from Mauritius. Therefore, the previously announced provisions and force majeure continue to apply for all inbound and outbound international letter-post, parcel-post and EMS items. New Zealand UPDATE: New Zealand Post has advised that the level-2 alert in the Wellington region has ended as of June 29, 2021. Panama UPDATE: Correos de Panama has advised that post offices, mail processing centers (domestic and international) and the air transhipment office at Tocúmen International Airport are operating under normal working hours and the biosafety measures established by the Ministry of Health of Panama (MINSA). Correos de Panamá confirms that it is able to continue to receive inbound mail destined for Panama. However, Correos de Panama is unable to guarantee service standards for inbound and outbound mail. As a result, force majeure with respect to quality of service for all categories of mail items will apply until further notice.
    [Show full text]
  • A Quarterly Publication for LANDBANK's Clients and Partners
    HARVEST A quarterly publication for LANDBANK’s Clients and Partners Vol. X, No. 1 March 2015 HARVEST Magazine March 2015 WHAT’S INSIDE Page 3 Partnerships at Work For cash donations to the families of • OmniPay, Inc. on board for payment the 44 PNP-SAF officers processing platform • ExpressPay signs remittance deal Deposits may be made through with LANDBANK the following LANDBANK accounts: Page 4 Department of Social Welfare and Development (DSWD) • LANDBANK furthers global reach Account Name: DSWD Donation Account for Armed with MoneyGram Conflict in Mamasapano Maguindanao • POEA and LANDBANK ink deal for e-processing Current Account: (CA) No. 3122-1026-28 Page 5 Philippine National Police (PNP)* Cover Story Account Name: PNP Special Assistance Fund Linking where it matters Current Account: (CA) No. 1862-1027-77 Page 7 • Univanich reaps benefits of internet banking *Donors may contact PCinsp Renante F. Pinuela of DC Page 8 through text at +63.917.8576020 • Save time with LANDBANK iAccess Note: DSWD and PNP will take charge of disbursing the donations to the intended beneficiaries. Page 9 Branch Banking News & Updates • LANDBANK Easy Access Facility • GenSan City Branch does LANDBANK proud Page 10 • LANDBANK President feted with CSR Award Harvest Magazine is • Now in your neighborhood also available online New branches for viewing or download. You may also follow us on - LANDBANK Alabang Business Center facebook and twitter - LANDBANK Araneta Center EO for the latest news and - LANDBANK Guagua Branch updates from LANDBANK. - LANDBANK Sto. Tomas EO Relocated landbankofficial - LANDBANK Pasig-C. Raymundo Branch - LANDBANK Tarlac City Branch @LBP_Official www.landbank.com Editor-in-Chief CATHERINE ROWENA B.
    [Show full text]
  • Pakistan Post Rates for EMS Plus Tariff S # Country Name Documents Merchandise 500 Gms Addl. 500 Gms 1 Kg Every Addl. Kg 1
    Pakistan Post Rates for EMS Plus Tariff Documents Merchandise S # Country Name Addl. 500 Every 500 gms gms 1 Kg Addl. kg 1 Afghanistan 3410 359 3769 1455 2 Albania 3346 353 3698 1427 3 Algeria 3346 353 3698 1427 4 American samoa 3346 353 3698 1427 5 Andorra 3217 882 4099 1160 6 Angola 3346 353 3698 1427 7 Anguila 3219 3219 7710 1608 8 Antigua 3528 1279 4807 1608 9 Argentina 3528 1279 4807 1608 10 Armenia 3346 353 3698 1427 11 Aruba 3528 1279 4807 1608 12 Australia 2390 766 3156 1275 13 Austria 2577 1203 3780 1074 14 Azerbaijan 3346 353 3698 1427 15 Bahamas 3528 1279 4807 1608 16 Bahrain 1718 1117 2835 773 17 Bangladesh 1203 1031 2233 490 18 Barbados 3528 1279 4807 1608 19 Belarus 3346 353 3698 1427 20 Belgium 2491 945 3436 731 21 Belize 3528 1279 4807 1608 22 Benin 3346 353 3698 1427 23 Bermuda 3528 1279 4807 1608 24 Bhutan 2016 511 2527 894 25 Bolivia 3528 1279 4807 1608 Bosnia and 26 Herzegovina 3287 3287 5998 1427 27 Botswana 3346 353 3698 1427 28 Brazil 3528 1279 4807 1608 29 Brunei 2984 469 3453 1439 30 Bulgaria 3346 353 3698 1427 31 Burkina Fase 3346 353 3698 1427 32 Burundi 3346 353 3698 1427 33 Cambodia 2984 469 3453 1439 34 Cameron 3346 353 3698 1427 1 35 Canada 2473 603 3076 1267 36 Cape Verde 3346 353 3698 1427 37 Cayman Island 3528 1279 4807 1608 38 Central African Rep 3346 353 3698 1427 39 Chad 3346 353 3698 1427 40 Chile 3528 1279 4807 1608 41 China 2984 469 3435 1439 42 Colombia 3528 1279 4807 1608 43 Congo 3346 353 3698 1427 44 Cook Islands 3346 353 3698 1427 45 Costa Rica 3528 1279 4807 1608 46 Cote D'ivoire 3219 3219
    [Show full text]
  • Global Payments Report
    Global Payments Report The art and science of global payments A definitive report from Worldpay NOVEMBER 2018 Contents Introduction 4 Global payment trends 7 Key insights 19 Market guides 31 Methodology 104 Payment terms 106 Introduction The art and science of global payments 4 An individual payment is a simple act. Timeless and enduring, This report offers insight into the art and science of payments. payments serve the same ends today as they did thousands of years We’ll start with science by offering a high-level data analysis of the ago. Our methods of recording and exchanging value evolve with ways we pay globally, both online and at the point of sale. We’ll then technology: from livestock to gold coins, paper money to digital turn to the art of payments: the opportunities posed by China’s growth; wallets. Yet the essence of a payment remains unchanged: Goods the unique needs of Millennials and their emerging spending power; and services are exchanged for a payment of a value mutually agreed the dissolution of channels and the unification of commerce; how to between buyer and seller. deferred payments enable the immediacy of The Now Economy; and the future of invisible payments (spoiler alert: the future is now). Payments represent the sum of our experiences. Payments document Finally, we’ll take a deeper dive and detail the payment landscape for our needs, our desires, and our ever-shifting values. Payments tell 36 individual country markets from around the world. the story of human history through economics, recording those needs, desires, and values.
    [Show full text]