How Mobile Payments are Changing the Digital Payment Eco-system

For the impact of mobile payments to create value for all stakeholders in the value chain, a collaborative approach, demand driven proposition, and customer-centric model is essential. The value chain needs to consider the source of funding and meet the needs of many usage situations.

 Case studies will demonstrate what drives mobile payment usage both for individuals, as well as how mobile payments play a role for corporates in their supply chain process to reach small businesses and individuals. Get on board this track featuring three speakers who will provide insights from their vantage points!

Lito Villanueva | Vice President and Head Financial Innovations, Digital Inclusion & Alliances | Smart Communications | Manila

The challenge to make mobile payments pervasive in promoting cash-lite communities in emerging economies can’t be overemphasized.  All stakeholders covering financial institutions such as banks, cooperatives and microfinance entities, electronic money issuers, regulators, merchants and the customers themselves must have a buy-in to agree on the essence in crafting a national strategy for financial inclusion.  This blueprint must not only contain platitudes but definitive action agenda in promoting inclusive growth by pushing digitization of transactions for efficiency, transparency, security and convenience.  Any electronic intervention must cover the entire economic value chain from source of fund to creation of usage occasions. This starts with digitizing the various fund sources to ensure there’s monetary value in the consumers’ e-wallets such as loans, payroll, disbursements and transfers, both domestic and international.  One success story will be showcased on how digital intervention created an impact towards the promotion of digital transactions.

Debbie Watkins | Managing Director | Fern Software | Singapore

Unlike mainstream commercial banks, inclusive financial institutions have to balance the proportionally higher cost of low value transactions; increased infrastructure challenges in reaching rural populations; and the need to ensure that their products and services are affordable, accessible and relevant to those they are aiming to serve. However, many do not focus sufficiently on developing compelling solutions that will speak to their target market’s pain points, therefore resulting in a disappointing lack of uptake.  This practical session draws on Debbie’s extensive on-the-ground experience and will explain the challenges and opportunities in designing customer-centric financial services products for low income customers.

Gautam Jain| Global Head, Client Access and Product Development | Standard Chartererd | Singapore

With more than 6 billion mobile phone subscriptions globally, the rise of mobile money is having material and widespread financial and social impact across the globe. What started out as a method of reaching the unbanked populations in remote parts of frontier markets has now become a global phenomenon. Driven by the widespread ownership of mobile phones and deep geographic penetration of Mobile Network Operators’ (MNO) agent network, mobile money has also enabled unbanked individuals and those living in remote locations to easily access electronic transactions and securely convert cash into electronic money.   On the other hand, corporate clients across various industries and segments are facing a rising need to transact with their under-banked and unbanked counterparties as part of their supply chain. For instance, corporate organisations running health campaigns, agricultural activities, education and general subsidy programs in rural areas of emerging and frontier markets need to reach out to the unbanked population and allow disbursements from the bank to mobile wallets and vice versa.

Gautam Jain, Global Head of Client Access and Product Development in Standard Chartered will share his insights on the way forward in Mobile Wallet and how Standard Chartered is playing a part in driving Financial Inclusion.

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