The digitisation of the financial sector strides ahead relentlessly. Supported by the now almost finished development of the mobile phone network and the parallel rising use of smartphones, the market growth for mobile transactions increases yearly. Nowadays, about half of the world’s population has access to fast mobile internet. For the circa seven billion humans living today there are close to two billion smartphones.
Accordingly, established financial institutions on one side and fintech start-ups on the other invest in digital business models and try to convince customers of their technical efficiency and security. Even in countries like Germany, where people have traditionally been attached to cash, mobile payment methods are gaining ground in the market. The ecosystem of the future is complex, global – but above all – digital. The spectrum of players and technologies is as versatile as the international and national guidelines and laws, for example for the protection of customer data. The whitepaper by GFT also gives an overview of the most relevant guidelines and provides a 360° analysis of the mobile payment market.
"Thanks to their infrastructure and the long-standing expertise with payment services, established credit institutions have the best prerequisites to occupy a central position in the future mobile ecosystem. At the same time, fintech start-ups with innovative business models for digital payment systems are pushing the market forward."
Bernd-Josef Kohl, Head of Consulting
