In the race to digital wallets, don’t forget cash
Success in the digital payment space will hinge on the ability of new players and incumbents to converge the physical and digital experience into a seamless continuum for the customer. Extending the digital solution to a cash-based customer requires a “phygital” approach, writes Juan Seco, Chief Growth Officer at Mukuru.
Digital wallet use, especially in Africa, makes sense when so many people live in rural areas where there isn’t easy access to another way of accessing money, such as through ATMs. Bank of America predicts that by 2026, digital wallets will be used by more than 5.3-billion people, which is more than 50% of the world’s population. Other estimates suggest this number may even be as high as two-thirds of the world’s population, growth that is being driven by emerging market...