E-Wallet Rising

E-Wallet Rising
Lots of activity for digital wallets (e-wallets) lately, eclipsing digital banks (which seem to have gone rather quiet). This is to be expected as e-wallets are close to the action and can gain millions of users and transactions very quickly. From a transactional base, e-wallets can scale upwards towards digital banks and beyond, in sequential order:
  1. Limited Balance: An initial balance (usually less than 10K)
  2. P2P: Peer-to-peer money transfer (person A to person B)
  3. C2B: Payments (pay for goods, services eg coffee)
  4. Big Balance: >10K, with the possibility of deposit insurance
  5. Platform: Used by third parties eg e-commerce sites
  6. Financial Tools: Budgeting, expenditure analysis, deals etc
  7. Social Tools: Stimulus payments,, food vouchers etc
  8. Savings & Investments: FDs, stocks, bonds, insurance etc
  9. Bigger Domains: Global money, business banking

E-wallet News