Payments as a platform is about much more than payment. The platform approach offers an evolving, multipurpose tool that becomes an important part of daily life for end users. For mobile money providers, the platform-based model will allow diversification of revenue streams, helping to future proof their product offering. It will encourage new and innovative partnerships with third-parties, expanding the potential customer base for all companies involved and building a loyal customer base based on already trusted mobile money services and partner brands.
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The GSMA 2018 State of the Industry Report on mobile money confirms that existing mobile money providers already have the means and the expertise to lead the growth of this platform-based approach. Providers can leverage their existing assets; strong agent networks, current customer base and proven technology.
The transformation will become stronger still as smartphone adoption and accessibility increase. This will increase the push to expand the range of services offered to customers. The key to growing payments as a platform is engaging customers in a fluid, end-to-end experience, supported by seamless integrations with partners and third parties.
For an end customer, the payment model will bring about improvements to the user experience, providing a range of services on the same platform. Whether that be additional financial services such as loans, savings or insurance or other, non-financial products such as e-commerce, instant messaging, prepaid solar power credit or agricultural services.
Once a platform-based approach is adopted, the opportunities for collaboration are virtually limitless. Existing examples of successful platform based models include WeChat. The popular Chinese messaging app which now offers mobile wallet services, banking, ride-hailing, digital vouchers for anything from flights to cinema tickets, access to media as well as diverse healthcare products among many others.
You can read the full GSMA 2018 State of the Industry Report on Mobile Money here.
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