Digital Identity & Competitiveness Strategist | Bridging Trust, Finance & Regulation across Europe Building trusted digital infrastructures to strengthen Europe’s Single Market, Competitiveness, and Cross-Border Growth
There is an intense positioning going on for Digital Wallets, while the graphics is not entirely correct in my opinion, for example Apple pay is an integral part of Apples offering and the only party that address actual wallets and not just a pure payment wallet. But importantly there are some observations that are important. Both MasterCards MQR and Visa plus is a disconnect from the card driven logic we have seen so far and a clear sign we might approach a shift from logic dictated by 50 years old plastic constrains. There is a clear sign visible where alliances with Paypal and similar entities are taken. Probably both as an counter strategy to the multi usage commercial wallet from Apple, Microsoft and Google as well as non commercial initiatives as the European Digital Identity Wallet. An equally important aspect is probably shoring up for open banking based competition that currently is fumbling and struggling to get traction. Finally Wallets are much more important than payments albeit based on maturity payments are a prime enabler for any wallet. We in the #nobidconsortium are starting a large scale pilot focusing on #payments for the European Digital Identity wallet and are indeed entering a shark tank at the moment. 😎 #banking #digital #eidas #digitalidentity #digitalverification Graphics lifted from https://lnkd.in/exp242Ck
You mean there is an intense war on who owns the consumer (collecting personal data). None in this room consider the consumer-owning-the-consumer option
"An equally important aspect is probably shoring up for open banking based competition that currently is fumbling and struggling to get traction" Well, the Open Banking folks are quite reluctant discussing how wallets could possibly fit into their world. AFAIK, the only EU level payment effort I'm aware of (EPI), has no ties to Open Banking. Marion King Open Banking
Concerning: All of these initiatives are drifting ‘Digital Wallets’ to be pure payment tools. When they are in reality - Personal Account Management tools (Identity, Banking, Legal Assets etc). This battle is taking us back to what it was during the birth of banks across the world. Again no interoperability and no control with the consumer/employee/customer/citizen
Engineer | MBA | Founder | Building Intelligent Compliance Automation for Complex Systems and Global Supply Chains
2yThank you for sharing Ronny Khan - and great observations. I like to believe that the tipping point is near, when all things can be connected (if wish) to certain identities that are decentralised or centralised. Where can I find more info on the #nobidconsortium works? Specifically on the software architecture, etc? Thanks. Ping Sanna Toropainen, Sointu Karjalainen, Antti Martikainen