Mobey Forum has published its latest report, ‘Beyond Payments: Navigating the Next Generation of Digital Wallets’.
This comprehensive report, produced by the organisation’s Digital Wallet Expert Group, provides an in-depth analysis of the evolving landscape of digital wallets, offering strategic insights and recommendations for banks.
In the ever-evolving landscape of digital finance, digital wallets have once again claimed the spotlight on the strategic agendas of banks and key players in the payment industry.
The first round may have showcased the prowess of tech giants such as Google and Apple, setting the tone for the digital payment era.
However, the recent developments in Open Banking, Open Finance, Central Bank Digital Currencies (CBDCs), and electronic identity (eID) have ignited a renewed interest and opened new avenues for traditional financial institutions and other players in the payments industry to reposition themselves at the forefront of innovation in order to break down traditional silos, foster collaboration, and empower financial institutions to create seamless, customer-centric experiences.
As we navigate through the report, it delves into the key factors propelling the renewed interest in digital wallets, explore the impact of Open Banking and Open Finance and assess how eID and other developments unlock new possibilities.
Together, these elements constitute a compelling narrative of how the digital wallet landscape is not merely a battleground for established tech giants but a strategic arena where banks and industry players can assert their relevance and innovation in the evolving era of digital finance.
The paper introduces a revised definition of digital wallets, reflecting their expanded role beyond financial transactions to managing a broad spectrum of digitised assets and personal data.
It also takes into consideration the strategic priorities for banks in this rapidly changing environment, emphasising the importance of local champions, eID wallets, Open Finance, and the critical need for interoperability.
“This report is published at a pivotal moment for the banking sector, as many banks are revisiting their strategic paths,” says Marina Repo from Nordea, co-chair of the Digital Wallet Expert Group.
“The report emphasises the need for banks to prioritise their digital wallet strategies and embrace collaboration to remain relevant and thrive in the digital age.”
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