• Southeast Asia is the fastest growing region for mobile wallets in the world with 25.5% CAGR and overall growth of 311% in the next five years
• Latin America and Africa & Middle East are the second and third fastest growing regions, set to expand by 166% and 147% respectively by 2025
• Between 2020 and 2025 the number of mobile wallets transacting over USD $1 billion per year will increase by 27% creating a growing acceptance challenge for merchants

Today, the biggest report into the growth of mobile wallets ever published, projects that one in two people will use a mobile wallet by 2025. At the end of 2020, there were over 2.8 billion mobile wallets in use. That number is projected to increase by nearly 74% to reach 4.8 billion mobile wallets in use by the end of 2025 – nearly 60% of the world’s population. The fastest growing markets are Southeast Asia, Latin America, and Africa & Middle East where mobile wallets are displacing cash and cards for more convenient digital payments.

Boku, a fintech pioneering the world’s first global mobile payments network, has released their 2021 Mobile Wallets Report in partnership with digital technology analyst house Juniper Research, which provides insight into mobile wallet adoption and use in leading markets across the globe. In 2019, mobile wallets overtook credit cards to become the most widely used payment type globally and the shift to online driven by the pandemic has accelerated adoption. Mobile wallets use is growing rapidly across the world with emerging markets leading the way.

Key findings

• Southeast Asia is the fastest growing mobile wallet region - Mobile wallet use will grow by 311% between 2020 – 2025, reaching up 439.7 million wallets in use across Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam from 141.1 million in 2020. The rise in e-Commerce and dominance of super-apps like Grab and Gojek, particularly in markets like the Philippines and Indonesia, is driving accelerated mobile wallet adoption.
• China reaches maturity while Japan, Korea and Taiwan set for hyper-growth – The Far East and China continues to be the largest mobile wallet region in the world with 1.34bn users in 2020. Market saturation is resulting in slowing growth in China, with a CAGR of just 2.2% per year. Meanwhile, markets including Japan, Korea and Taiwan will continue to see accelerated adoption of mobile wallets with 98.4% market penetration by 2025.
• Africa & Middle East is the second biggest mobile wallet market – The second biggest mobile wallet market is set to grow by 147% between 2020 – 2025. This is driven by expanded usage of mobile money services such as M-Pesa which are increasingly offering additional services such as access to eCommerce.
• Latin American growth is being supercharged by eCommerce – This region is set to increase mobile wallet use by 166% between 2020 – 2025. Long held back by consumers’ preference for cash-based payments and comparatively lower smartphone penetration, this is fast changing, and the region’s eCommerce growth is supercharging mobile wallet use.
• Slow growth in Western Europe and North America – With 65% growth in Western Europe and 50% in North America by 2025, these regions will see the least amount of mobile wallet growth in the next five years. However, markets such as the UK are seeing a rise in card-based mobile wallets due to the adoption of contactless spurred on by the pandemic and shift towards cashlessness.

“While mobile wallets are being used on a global basis, we see two distinct types being used today. One is card-based mobile wallets, like Apple Pay and Google Pay, which provide an easier way to pay with cards people already have. The other is stored value mobile wallets, like AliPay and GrabPay, that enable consumers to transact with digital cash and are popular in emerging markets with fast growing eCommerce sectors,” said Adam Lee, Chief Product Officer at Boku. “The markets that are set to grow the fastest are those with the lowest levels of card penetration, stored value wallets are thriving. In North America and Western Europe, which are dominated by card-based mobile wallets, we are seeing the slowest growth in mobile wallet adoption, as the technology provides merely incremental benefit.”

“We are seeing clear bifurcation in the market between card-based mobile wallets in developed markets and stored value mobile wallets that are ubiquitous in Asia and rapidly growing in all emerging markets,” concluded Lee.

The growth and bifurcation of mobile wallet use presents both an opportunity and challenge for merchants. The number of mobile wallets transacting over $1 billion per year is set to grow by 27% from 54 wallets in 2020 to 69 wallets by 2025. This provides a lucrative opportunity for merchants looking to acquire valuable customers, many of whom only use mobile wallets. However, not only are consumers using mobile wallets more, they are using more mobile wallets. Consumers in high growth markets such as India and Indonesia use an average of 2.74 wallets. This means that not only do merchants need to accept wallets but they need to ensure broad coverage across each target market.

“We are witnessing a paradigm shift in payments driven by mobile wallets. Mobile wallets have lowered the barrier to making digital payments and in parallel ushered billions of new consumers into eCommerce. These consumers are not in North America or Western Europe, they are in emerging markets, and while they don’t have credit cards, they overwhelmingly have mobile wallets,” said Jon Prideaux, CEO at Boku. “For global merchants, mobile payment acceptance is not about accepting one type of mobile wallet or another, but ensuring that consumers in every market will have the required selection on payment types in order to monetize transactions.”

To download the 2021 Mobile Wallets Report please visit: http://boku.mobilewallet.report/

Graphs, data visualisations and other assets can be found in our media kit here.

LiquidShare, a fintech leveraging blockchain technology to develop solutions for post-market players and its partners, AXA Investment Managers, BNP Paribas Securities Services, Caceis Bank, Caisse des Dépôts, CIC Market Solutions, Crédit Agricole Titres, EUROCLEAR, EURONEXT, Kriptown, La Banque Postale, ODDO BHF, ODDO BHF AM, OFI AM and Société Générale Securities Services successfully completed the experiment on the use of central bank digital currency (CBDC) for interbank settlement purposes. 

The consortium formed around LiquidShare covered 2 use cases: delivery versus payment for both listed and non-listed securities on the blockchain.

The tests span across the entire life cycle of securities, from issuance and registration in the blockchain to secondary market operations’ settlement. It allowed to validate all processes throughout the day with, among others, the functions of creation, control and destruction of CBDC tokens vested to the Banque de France.

All operations were carried out in strict line with the expected deadlines and scenarios.

As a whole, 15 entities and more than 45 participants, representing the entire ecosystem: investors, Euronext as marketplace, Euroclear France as Central Securities Depository, brokers, custodians (retail and institutional clients), interacted during two days and were able to validate the benefits offered by the blockchain (access to the same immutable source of information, real-time information sharing, modelization of business logic thanks to smart contracts…).

The success of the experiment also best prepares the development of post-market solutions for digital assets, securities or cash.

According to Jean-Marc Eyssautier, CEO of LiquidShare “We are delighted to have been able to demonstrate with the Banque de France and all our partners our ability to appropriate new technologies and to have all market infrastructures work together. This is a new demonstration of the Place de Paris players' capacity to mobilize and cooperate for an innovative project in close collaboration with the authorities and infrastructures.”

• A small ‘reverse loan’ will help boost small business’s Experian credit scores by making regular, small payments
• Credit score increases will help small businesses borrow to invest in post-pandemic  growth

Tide, the UK’s leading business financial platform^[1] has launched Tide  Credit Builder to help small businesses build up their Experian credit score to be able to borrow to grow.

Small businesses, particularly those that are newly formed, often struggle to borrow money from financial institutions to invest in their growth because they either don’t have a credit score or don’t have a good enough score. This is often due to just starting out in business or not having borrowed in the past. As a result Tide has found that around 87% of its small business owners have a credit score below 80.

Tide will help its members build their creditworthiness by giving them a micro ‘reverse loan’ of £240. The business makes ‘repayments’ of around £23 per month to Tide, once 12 monthly payments have been made, the business will receive £240 back. By making these small payments on time every month, the business will be able to prove their ability to repay, increasing their credit score over the 12 months. The product has been developed with the support of Experian.

Amit Kahana, VP of Tide Credit Services said: “As we emerge from the COVID-19 pandemic, small businesses are working hard to get back on their feet and make up for the toughest year and a half they have seen. Investing in growth is high on the list of priorities for many of these businesses but a poor or non-existent credit score is often a barrier to accessing credit options.

“We hope that by offering a simple way for businesses to boost their credit score they will see a wider array of credit products opening up to them, helping to fuel sustainable growth.”

By using Tide Credit Builder, small business owners will also be able to access credit services more quickly, gain additional advice on how to improve their credit score, and understand how  they can access better rates on future credit products, by having a better credit score.

Oliver Prill, Tide CEO said: “Tide is about helping our members manage and grow their business. Access to credit is important to many of them. I am grateful to Experian for supporting us to provide our members with the ability to build the credit history so vital to provide them with funding in the future. Tide members tend to be relatively new businesses that haven’t yet been able to build up a credit score. We are pleased to be able to offer them a service that enables them to fasttrack that process and put them in a position where they can start to use credit products that suit them to grow their businesses.”

BetterCommerce has launched its eCommerce subscription engine, solving one of the biggest current challenges for eCommerce businesses. It is a comprehensive suite of software comprising various modules, each aimed at helping companies grow with subscriptions.

Before we learn more about the development, let’s understand the market and the current need!

The market of Subscriptions

The world of eCommerce has been evolving with the speed of light, with new trends that force existing players to up their game.

The most recent and one of the most prominent ones is the subscription model, which has taken the industry by a storm. To give you an example,

“As per a report by the Royal Mail, by 2022 alone, The UK subscription box market is expected to grow by 72%”

The market size also resonates with the interest of eCommerce companies as UK residents spend about £2 billion every year on subscription box services.

Amidst all this growth and demand, mid-sized eCommerce retailers are looking for solutions to integrate subscription models with their  existing businesses.

Aligned to the current needs, BetterCommerce has completed and launched a robust subscription model. BetterCommerce has been helping major brands take their business to the next level with state-of-the-art technology that powers the business’s growth.

Why have a Subscription Model on your Online store?

Subscription models are the present and future for retail businesses

“In fact, as per a study, 75% of DTC businesses will offer subscription-based models in their stores.”

Consumers have started expecting and preferring such models because of the linked benefits.

Subscription models offer the perfect revenue boost to businesses and help them build superior certainty in their cash flows compared to other models.

Winning loyal Customers

Various Studies stress on the high conversion rates with past customers compared to new prospects. It is common for businesses to focus on new customers while ignoring the treasure of past customer data, which can be turned into a regular revenue stream with subscription models.

Numerous companies started focusing on subscription models, and with time, their revenue from subscriptions surpassed the income from one-time monthly sales.

How to win with Subscription models?

The complexity involved in integrating and managing subscription models is as high as the rewards you get with successful implementation.

BetterCommerce’s platform has made it simple for businesses to integrate subscription models into their online and even offline stores. They have taken care of granular details and have given a lot of power in the hands of companies to customise and market these models.

Here are some of the top ways and features helping brands:

●      Build personalised subscriptions

One of the best ways is to allow the customers to pick and choose the products/services that they’d like to subscribe. More flexibility equals lesser friction towards completing the purchase. BetterCommerce’s software allows the customers to do just that!

●      Offer signup discounts or offer discounts on any month

Offers are key in promoting your offerings. You can select and create specific promotions to lure the customers into choosing the subscription box. This can include promotions like the 1st month free or for that matter any month free, an added gift or others.

You must test the different promotions you use and identify the one that performs the best.

●      Attractive Pricing

It is crucial for you to give the customers more than 1 reason to choose the subscription box over buying the products individually. There should be a significant discount associated with choosing a recurring subscription model.

BetterCommerce gives you the complete ecosystem which is built around the most successful subscription models.

●      Flexible payment models

Offer complete flexibility in terms of payment models – fixed fee, term based or unit-based pricing – whatever works for your business. Offer one-time payment option or monthly payments to customers as per their preference.

●      Capturing and Analysing Data

Every activity associated with your subscription model is stored in BetterCommerce’s platform, which you can leverage to your benefit. The software also equips you with resources to capture feedback on unsubscribers, so you can work on addressing the concerns.

You can analyse the data to identify the top-performing offers and A/B test features to increase your conversion rate.

●      Offer flexibility in subscription periods

Another method of reducing the friction in subscription models is giving the customers an option to choose the time periods. Most of the brands can easily choose to have 3,6 and 12 months plans.

It is common for people to be receptive to shorter periods before building trust and likings for your products/services. This can be countered by making the 12 months plan lucrative with the best price point.

Conclusion

BetterCommerce is here with a platform that is helping address the most significant need of online stores: running subscription models.

This is sure to give birth to successful subscription models in the UK and abroad.

Are you someone looking to leverage this model for your business and feel limited with your current technology?

Check out BetterCommerce.io to know how you can leverage their platform for your growth.

IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions, today launched a standalone Data Dictionary to empower business users with greater visibility of their data. The Data Dictionary, which is being delivered as a software-as-a-service (SaaS) solution, complements the IHS Markit Enterprise Data Management (EDM) platform, which is used by organizations of different types and sizes in the financial services, energy and maritime industries.

Despite broad recognition today that data is a strategic asset, many business users are not taking full advantage of their organizations' data estates because they do not have a complete picture of what data is available to them and the data governance framework that is in place.

The Data Dictionary addresses this situation by providing a web-based interface that allows users to see what data is available within their organization. The portal includes important data governance metadata, including how the data is defined, where it has come from, who owns it and who has altered it.

The Data Dictionary uses metadata that already exists in the EDM platform, ensuring a quick deployment for existing clients. A business glossary mapping feature will support the onboarding of data sources from systems outside EDM, creating a view of the entire data estate across the organization. Out-of-the-box, customizable fields and definitions will also be made available to expedite time to market.

The SaaS-based deployment model of the Data Dictionary will deliver significant benefits including:

• Reduced total cost of ownership (TCO): There is no need to invest in hardware and software; and cloud and other costs are mutualized as part of the multi-tenancy model.
• Streamlined upgrade process: New features will be pushed out on a single code base to all clients, eliminating the need for each client to undertake upgrades individually.
• Increased business empowerment: The low-code / no-code approach will enable business users to define their own data dictionaries.
• Scalability: Built on the Amazon Web Services (AWS) cloud, the Data Dictionary allows users to scale up and down as business demands change.

Research conducted by FIMA Insights in May 2021 found the above are among the most compelling reasons for moving to a SaaS-based solution, with faster access to new features selected as the top benefit by the financial services firms surveyed (read the full research here).

"There is increasing understanding of the value of data as a source of business and operational alpha in the different industries in which we operate," said Jamie Penniman, Global Head of EDM at IHS Markit. "However, many organizations have been unable to realize the full value of this asset because they do not have a clear understanding of their data estate. With the launch of our Data Dictionary, we are providing a business-focused solution to this challenge. By delivering the Data Dictionary as a SaaS solution, we are maximizing the ease of use and other benefits for our clients in the financial services, energy and maritime sectors."

Fintech Week London will take place at live venues in London, and online, from Monday 12th to Friday 16th July 2021.

The week-long, hugely anticipated event, will celebrate some of the biggest and most exciting names in the sector, covering hot topics such as Sustainable Banking and Green Finance, CryptoCurrency, Big Tech and Big Banks and Digital Identity.

Highlights will include Ron Kalifa discussing the recently published Kalifa report and Chris Skinner on the future of Fintech and emerging trends.  In addition, Joy Macknight, Dr Leda Glyptis, Adizah Tejani, Kate Rosenshine and Joanne Dewar, will lead the discussion on Big Tech and Big Banks. 

The first physical event of its kind for some time, Fintech Week London will also be live streamed for those unable to be present on-site, providing online intelligent matchmaking and networking.

Guests, media and conference attendees will be treated to an industry party on Tuesday 12th July and The Open Banking Expo Awards will take place online on Thursday evening, 15^thJuly. 
As a minimum, all visitors will be asked to scan the NHS Track & Trace QR code at the reception and temperature checks will be performed on entry. All visitors will be asked to wear a mask as much as possible and wash hands regularly. There will be extra hand sanitising stations throughout the venue and common areas will be disinfected regularly. 

Registration is still available for Fintech Week London however places are limited.

A full programme is available https://fintechweek.london/programme/. 

For further information on Fintech Week London visit https://fintechweek.london

National Enterprise Network (NEN) has confirmed its support of British Business Bank as a provider of Start Up loans for UK entrepreneurs.

NEN is a membership organisation that brings together Chambers of Commerce, Local Authorities, Enterprise Agencies and specialists training providers, as well as Start Up lenders, business incubators and growth hubs.

NEN named British Business Bank as a strategic partner in June 2021, and has recognised the power of Start Up Loans to unlock the potential of those who have been made unemployed as a result of Covid-19.

British Business Bank are a government-owned business development bank dedicated to making finance markets work better for smaller businesses. From Start Ups and early stage companies to SMEs looking for scale up, the bank’s mission is to provide affordable loans and mentoring to help successful applicants succeed.

British Business Bank are more than just a finance provider – they are firmly on the side of small businesses and that’s what NEN believes Enterprise Support is about. The strategic partnership between National Enterprise Network and British Business Bank further strengthens and reinforces the SME ecosystem as the backbone of the UK economy.

Individuals looking to start or grow a business in the UK can borrow between £500 and £25,00 thanks to the government backed Start Up loan scheme, which has had a transformative impact on the lives of thousands of individuals, local communities and the nation as a whole. For every £1 invested in the scheme, £3.30 of value is delivered back into the UK economy.

An important aspect of the Start Up Loan provision is the support on offer to applicants. This includes guidance from a business adviser during the application process and 12-months free mentoring support. British Business Bank have signposted any entrepreneurs who are unsuccessful in applying to the Start Up Loan scheme, or those who would benefit from support past their first year, to National Enterprise Network’s directory – where business and advice, support and mentoring is available from members across the country.

Alex Till, chairman of National Enterprise Network said: “Creating a more diverse finance market for smaller businesses is really important, as is the feedback to Government on what works and what doesn’t. British Business Bank are going the extra mile with the provision of dedicated mentoring support alongside Start Up loans, giving entrepreneurs the best chance of building viable and successful business. Where there are additional training and mentoring requirements, NEN will be delighted to step up and support the bank’s small business customers.”

Richard Bearman, Managing Director of Small Business Lending at British Business Bank, said: “National Enterprise Network are making a real difference to UK enterprise by providing entrepreneurs with advice, training and affordable workspace. We are proud to be able to compliment this support with finance options that really work for small businesses. I look forward to working collaboratively with NEN to provide advice and insights to Government, so that our SMEs continue to thrive and grow - creating additional jobs and economic activity.”