Page 5 - Wallet Factory Deck
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Both traditional banks and new players struggle
to solve the financial inclusion question
“ Middle East experts say digital wallets × Brick-and-mortar branch model is too
will be the most preferred mode of payments.
expensive to cover the rural areas
× Long customer onboarding due to
compliance requirements
Most preferred payment mode in Middle East
Account-to-
in next 5 years, % of survey respondents account
transfer
(retail, telco, financial institutions etc.)
Credit Debit
Digital wallets Cash ×
card card Lack of expertise in financial services
× No monetization experience
60 17 10 10 3
× Long time-to-market (in-house
development)
Source: McKinsey Middle East payments survey, Aug ‘2021 5
