- The importance of ensuring that mobile wallet solutions are deployed with the correct regulatory dispensation. This means that all players should take the emergence of this industry serious and contribute to ensure solid regulations. Banks and Regulators have major roles to play as it requires their involvement. Schema where they do not participate could lead to risks to the money eco-system (the potential side-effects can potentially be much more than the sub-prime were)
- The lack of standards will prevail for very long. I do not believe that it would be possible to agree on (or develop) any standards in this industry for a long time. Those organisations that elect to wait for the standards to emerge, will wait for a long time. Rather they should select mainstream suppliers and deploy "similar" solutions to ensure that their solutions are sustainable.
- The complexity of technology required to deliver solutions that are being talked about, should not be under-estimated. I am worried that some suppliers are presenting a simplified view on what is required to deliver these very complicated solutions. It was quite clear to me, when companies had made serious deployments: they were much more restrained.
- In the end the customer will decide to what degree the solutions will be successful. This should not be underestimated. Factors like ease-of-use, perceived security and cost will have to be mixed in such a way that individuals love it. This is the primary challenge.
- It is great to work in an industry where the opportunity exist to make a lot of money, yet, at the same time, be able to make a difference in the life's of the many poor people around.
MMT Summit Insights
After attending the Summit in Cairo and with enough time to reflect, I would like to share the following insights on the Summit.