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Announcing a major new Lafferty Group initiative for the banking and consumer finance industry

THE MOBILE WALLETS Global Research and Advisory Service

This global research and advisory service aims to provide unique knowledge and insights into the fascinating world of mobile wallets. The Mobile Wallet Research and Advisory Service is a dynamic, high-touch service that offers regular reports and monthly advisory sessions based on those reports. Get the prospectus here.

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In late 2018, we analysed more than one hundred case studies compiled during the production of our Retail Banking 2020 series, and noticed the most prominent category of innovative services in every region was mobile wallets. Lafferty Group researchers also noticed that mobile wallets meet the classic definition of disruptive innovation, as described by Clayton Christensen:

"Disruptive innovation describes a process by which a product or service takes root initially in simple applications at the bottom of a market and then relentlessly moves up market, eventually displacing established competitors."

Today, also every major tech player from Alipay to Amazon is offering its own mobile wallet, where virtual cards can sit alongside airline passes, digital loyalty cards, digital assets and cryptocurrencies and digital identities. Born and grown on mobile phones, these services are representing an enormous threat to banks and card networks alike, especially as real-time payments come online around the world.

Where was the original innovation? When Kenya's Safaricom ran an experiment to distribute aid money directly to the mobile phones of the end recipients, it discovered that those users were sending on the month elsewhere, as remittances or payments. Safaricom soon realised that users had identified a new use for mobile phones: mobile money. That discovery became M-Pesa, and resulted in Safaricom becoming the most profitable businesses in Kenya. Will mobile wallets become the most profitable models elsewhere? Join our service to find out.

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