Growth of mobile financial services key learnings from literature, industry analysis and cases

摘要

Mobile Financial Services (MFS) represent an area of innovation and strategic importance for global initiatives against poverty, and telcos; the World Bank wants financial inclusion of the poor and telcos seek profit. Merely mobile payment services are not sufficient for any of these objectives, and there is a joint interest in enabling mobile credit and saving services. It is widely recognized that successful adoption of mobile saving and credit services is dependent on a digital solution; it requires a transition from current cash based over-the-counter (OTC) solutions to future digital accounts (mobile wallets/mWallets). Firstly, this paper reviews previous research on MFS, secondly it summarizes the global industry picture for MFS today, and thirdly, we provide key learnings from the successful Easypaisa case in Pakistan. MFS can also be characterized as implementations in complex ecosystems with lots of tension and dependent on local circumstances. The unique Easypasia case we present is a further proof of the complex processes and events that moves a MFS implementation from one state to another. It also shows how Easypaisa's significant jump from cash-based to digital mWallet solutions was triggered by a governmental regulation on ID requirements for mobile subscriptions. The ecosystem approach and significance of local conditions is vital to be aware of when the industry turns to new aspects of MFS and when technologies such as blockchain may disrupt the current situation.