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Digital wallets will process all the money on earth by 2025

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Another presentation that surprised me in Oslo came from Tor Jacobsen, CEO of TSM Nordic.

It surprised me as I had no idea about TSM, a mobile wallet provider owned by Telenor and DNB – Norway’s biggest mobile network operator (MNO) and biggest bank – and will launch in the Norwegian market later this year under the brand name ValYou.

This video provides a brief overview of how it’s being promoted:

and Tor's presentation tells you more:

As you can see, the service is based on NFC contactless payments with users able to make payments for amounts up to NOK 200 (£20) by opening the app and holding their handset over the contactless reader. For amounts higher than NOK 200, the user is asked to enter their PIN code.

As Tor presented, I started to feel that ValYou is a little bit like a DNB/Telenor version of Moven for the Norwegian markets, as it incorporates real-time balances, alerts and promoitins, and plans for more in the future.

Admittedly however, it’s not the only wallet out there.

Eika Kredittbank has got together with payments processor NETS to develop a competitive system, whilst a new firm called MeaWallet has launched a white label solution in partnership with IBM, Tieto, Elavon, PayEx, Retain24, Bell ID, C-Sam, Visa and MasterCard.

So this is a hot space, not just in Norway but everywhere.

For example, WorldPay predict that e-wallets will equal cards as the most popular payment method globally by 2017, with each predicted to have a 41% share of the overall payments market.  In 2012, $295 billion was processed through e-wallet payments and is predicted to rise to $1,656 billion by 2017.  Of these, m-wallets will account for $117 billion by 2017, from $18 billion in 2012.

Mind you, I hate quoting stats as they are pretty meaningless. For example, Allied Market Research recently put out a ludicrous chart:


saying that “the global mobile wallet market is expected to reach $5,250 billion in 2020, growing at a CAGR of 127.5% from 2013 to 2020”.  That's the reason why I can comfortably predict that all the money on earth will be processed through a digital wallet of some sort by 2025.

Note I say digital wallet and not mobile wallet, as the mobile has already moved to wearable communications and the internet of things.

Anyhow, regardless of the pedantics and whatever your view, the bottom-line has to be that digital and mobile wallets will be big news.


Source: Payments, Cards & Mobile



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Chris M Skinner

Chris Skinner is best known as an independent commentator on the financial markets through his blog,, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...

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