Financial institutions need to take notice of this phenomenon and ramp up their payments infrastructure to support these developments, writes Chet Kamat, senior vice president of Oracle Financial Services.
Mobile apps still account for only about one percent of transactions. There are a few ways to increase adoption, such as targeting payment types that are already tough to make with cash.
The underbanked rely on mobile access more than online or in-person contact. Therefore, the U.S. must follow developing countries’ leads and let consumers sign up for mobile-only accounts.