2020 forced many businesses to further embrace digital and adopt new ways of working. In 2021, we expect to see the results of this digital transformation.
Major trends and opportunities we anticipate for 2021 are:
- Growth in e-commerce sites rolling out e-money wallets and growth of rewards for e-commerce companies
There will be a growth in e-money wallets, not just application interfaces for your credit/debit card. A growing number of e-commerce sites will leverage Online to Offline (O2O) loyalty and rewards using digital wallets as the medium for redemption to allow consumers to redeem rewards in store.
- Second-tier banks will embrace Digital Agency Banking to remain relevant
Digital Agency Banking will allow small banks to leapfrog their legacy competitors in the market as they embrace cost-efficient technology-enabled networks. No branches it will be in an app.
- Consumer App for everything
The ‘everything app’ is here to stay. More and more consumers are replacing friction with convenience in their everyday lives by relying on singular apps that can provide a wider range of services and products.
- Recognition this year that digital tools for consumer EKYC and AML of consumers and merchants will be recognised globally
Remote eKYC and AML will be further popularised due to its convenience and cost-efficiency. We believe the success Youtap has experienced firsthand in Southeast Asia and Africa will spur further recognition and will look to be replicated in developed markets.
- E-money is for all socio-economic groups
E-money has traditionally been for the underbanked/unbanked, but it now transcends all groups. The applications that have come out now target anyone, anywhere carrying a smart device. There will be a better understanding of the impact of e-money wallets in South East Asia on traditional payment services & processors and a better appreciation from Western markets.
2021 promises to be a year of growth for alternative payments and e-money globally in particular digital payments.
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