Embracing Digital Wallets 2.0

For years mobile wallet providers have gone to market with a limited feature set and focused on onboarding new accounts and not transactions and merchant payments.

Mobile wallet providers and MNOs have built strong momentum across the globe with over 1 billion registered mobile money users. The initial use case of payments and a digital store of value has been validated. But have these existing wallets kept evolving with consumer needs?

Youtap’s firsthand experience as mobile money pioneers across the globe has armed us with vast stores of qualitative and quantitative data. This data gives unique insights into what consumers want and what use cases are truly useful.

Our data and insights are telling us that consumers want more.

Consumers are demanding more of their mobile wallets and want a more comprehensive experience from their mobile wallets which provides a full suite of financial services, content and rewards at their fingertips.

There needs to be a shift in the thinking of providers to move from providing mobile money to a digital banking and digital e-payments mindset. This shift in thinking might seem minor but signals a paradigm shift to a more holistic approach to mobile financial services. Youtap’s Digital Banking platform puts the wallet at its core and allows our customers to provide a full suite of mobile financial services.

Our eMoney wallet is the core of our modular Digital Banking platform and enables Youtap to go beyond payments and put the wallet and e-money consumer app at the core. By being able to fold in complementary services, the providers Youtap works with to differentiate their offerings and widen their footprint while increasing market share.

The open architecture of the Youtap Digital Banking platform also allows for a wide range of partnerships that allow MNOs and eMoney Wallet providers to future-proof their offerings and protect themselves from the ever-present threat of disruption from the tech giants. By adopting an open architecture for your wallet you can build your own services or partner such as:

  • agents,
  • merchants,
  • bill payment aggregators,
  • financial service providers,
  • utility providers, etc.

Widening the scope of the services that your mobile money wallet can offer is not scary. It is an exciting opportunity to be seized by enterprising organisations that are growth-orientated.

Don’t forget it’s the consumer app experience that keeps users.

Want to learn more about how Youtap would benefit your business?

Get in touch with our expert team today.

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