CR2 and Omdia Whitepaper Reveals How Mobile Wallets Have Targeted the Underserved Banking Population

CR2 and Omdia Whitepaper Reveals How Mobile Wallets Have Targeted the Underserved Banking Population

A new Whitepaper, authored by Omdia and commissioned by CR2 , discusses the rise of digital wallets and how mobile wallets have successfully targeted the underserved banking population and offers recommendations on how incumbent banks can embrace digital wallets to engage with new and existing customers. It illustrates key examples of digital wallet providers, both within the Middle East, Africa and beyond, and highlights the reasons behind their success. The adoption of digital wallets in the Middle East and Africa has been growing steadily over the last number of years and this has been accelerated as a result of the COVID-19 pandemic. With merchants now prioritising online and in-store payments, there is now an increase in acceptance of new payment tools such as digital wallets. A key message of the Omdia Whitepaper shows that as smartphones become more widely available, consumers throughout the Middle East and Africa are embracing digital payments and are subsequently using digital wallets. For example, in Kenya smartphone penetration, which is now at 60%, will rise to over 80% by 2025. This has opened the door for telcos, such as Safaricom in Kenya, to create Super Apps that can offer services beyond money management to include