How Telcos can unlock new business opportunities with mobile wallets?

 We all remember those childhood days when landlines and mobile phones used to be a big deal. The technology which enabled us to talk with our friends and loved ones anywhere and anytime was perceived as a huge upgrade from writing letters that would take days or even weeks to reach to the receiver.



This was precisely the reason why the telecom industry emerged as the most powerful force of transformation. To give you the perspective, it would be safe to say that it was as powerful as today’s cutting-edge technology like Artificial intelligence, IoT, Banking APIs, etc.

Cut to the current times, when telecom infrastructure is no longer an attractive marketing proposition. It’s because connectivity and communication have become a necessity rather than a luxury.

As per Statista, there are around 4.66 billion internet users across the world. According to the International Telecommunications Union (ITU), around 97% of the world’s population has the access to the mobile cellular signal.

These stats clearly show that the telecommunication industry has a humongous reach around the world. However, it also shows that this industry is now on the verge of saturation as new telcos are emerging in various parts of the world.

Other than that, the telecom industry is also facing two major issues. First, the declining revenues from the voice call. Second, the emergence of a strong competitor in the form of OTT services.



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