With more than more than $20 billion in play, who will be the winner in the emerging mobile payment space? PwC discusses the market dynamic.
Changes to the payments ecosystem from the advent of mobile services put more than $20 billion in play for financial services industry participants—through both new revenue opportunities and potential loss mitigation. Financial institutions have been cautious entrants into this space, leaving the door wide open for a leader to emerge and gain significant first-mover advantages.
The emerging race is resulting in new business models. For financial institutions to succeed, there are organizational changes that will be required to deliver the right operating model. This will enable them to play new roles and deliver new services in an open, collaborative, and fast-paced environment.
The question for most observers remains, “Who will be the winner in the emerging space?” Traditional players currently have an early lead; however, if they do not keep up with the fast pace of change, tech innovators and collaborators will prevail.