

We take pride in creating a merchant services program that complements each of our partners’ unique circumstances within its respective community, all while maximizing the program’s efficiency and revenue opportunities.
Our industry-leading service team and business consultants are just a phone call or click away.
p: 800.487.5577
f: 866.476.8416
Monday – Friday: 8:30 am – 5:00 pm ET
After-hours “emergency” support is available by calling the appropriate 24/7 help desk for your processing service. Consult your program documentation or the sticker on your terminal hardware for the appropriate contact information.
We take pride in creating a merchant services program that complements each of our partners’ unique circumstances within its respective community, all while maximizing the program’s efficiency and revenue opportunities.
Our industry-leading service team and business consultants are just a phone call or click away.
p: 800.487.5577
f: 866.476.8416
Monday – Friday: 8:30 am – 5:00 pm ET
After-hours “emergency” support is available by calling the appropriate 24/7 help desk for your processing service. Consult your program documentation or the sticker on your terminal hardware for the appropriate contact information.
In much of the world, cash in hand is no longer king. In emerging markets, the penetration of smartphones means that consumers with smartphone digital wallet capabilities now outstrips those with bank accounts. That development has fostered mobile money growth among populations that had previously lacked access to sophisticated financial services.
As e-commerce activity unconnected to credit and debit cards becomes mainstream in Africa, the Middle East, and Latin America, mobile wallets, “will continue to be critical in supporting greater digital and financial inclusion,” according to the report released July 8.
This “unbanked” segment of mobile wallet users relies on a multitude of cash or cash equivalent methods to fund, store, and make payments.
Meanwhile, the number of mobile wallet platforms transacting more than $1 billion annually is expected to jump 27% by 2025 to 69 platforms. Opportunities for merchants are ballooning as consumers not only use wallets more, but use more wallets. In high growth markets like India and Indonesia, individual users rely on an average of 2.74 mobile wallets.
But many U.S. consumers remain less than dazzled by the added convenience of using card-based wallets like Apple Pay or Google Pay, which are essentially an extension of the card itself.
The tech value-add of not carrying around a physical card “provides merely incremental benefit,” Adam Lee, Boku’s chief product officer, said in a company statement. Stored value wallets have been bigger game-changers in places where access to credit cards is limited, or non-existent, and where bank account usage is low.
“Mobile wallets have lowered the barrier to making digital payments and in parallel ushered billions of new consumers into e-commerce,” Boku CEO Jon Prideaux, said in a statement.
“For global merchants, mobile payment acceptance is not about accepting one type of mobile wallet or another but ensuring that consumers in every market will have the required selection on payment types in order to monetize transactions,” he added.
The study projected that 4.87 billion digital wallets will be in use worldwide by 2025, up from 2.8 billion at end of last year. Nonetheless, if that projection holds true, North American customers will not be a significant source behind the surge. They will hold only 275 million of those digital wallets, or about six percent of the world total.
Source: Payments Dive
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