Expansion of collaboration between mobile wallet systems in the field of international money transfers
Mobile wallets, a long-standing fixture in the digital payments landscape, have experienced a significant surge in usage due to restrictions on cash transactions. This trend has added a new dimension to pricing strategies for various players in the market.
Two main routes for payment companies to connect with more mobile wallets are direct partnerships with local providers or partnerships with facilitators like MFS Africa, TerraPay, EMQ, or Thunes. These facilitators have become increasingly valuable, particularly for complex integrations in markets such as Africa and Asia.
The rise of mobile wallets has led to a more complex landscape for product and pricing in the market. Existing mobile wallets, such as those in Africa and Asia, have seen increased usage due to the restrictions on cash transactions.
Covid-19 has accelerated the adoption of digital and mobile solutions by money transfer companies. Enhanced security features, broad cryptocurrency support, integration of decentralized exchanges, increasing acceptance by merchants, technological advancements improving transaction speed and cost, regulatory developments creating trust, and growing interest from both retail and institutional investors are key factors driving this strong increase in mobile wallet services. User convenience and the rise of digital and contactless payment methods are also significant drivers.
In the competitive market, many payment companies are partnering with facilitators to quickly enter new markets without incurring the costs and delays of direct partnerships. Some facilitators like MFS Africa, TerraPay, EMQ, or Thunes are on the path to becoming as valuable as some of the providers they are servicing.
Africa and Asia, with their need for local presence and long-standing relationships, are key markets for complex integrations. As the digital payments landscape continues to evolve, it is clear that partnerships and facilitators will play a crucial role in shaping its future.
