We also need to consider mobile payments. It’s clear that the future of electronic payments in emerging markets is pretty good. Unfortunately emerging markets can also be complicated and unpredictable. We've all heard of the Omni-channel for retailing and mobile retailing. SOMOLO, social, mobile and local (also referred to as MOSOLO) is real, even in developing markets.
Governments in emerging markets have realized that accommodating electronic payments could accelerate the economic growth in their countries. So although regulators have been actively involved in making this happen, they are concerned and want to make sure they implement measures to manage security and fraud. Regulators seem to be leaning more towards security than convenience. For an emerging market to thrive, it needs regulators that can balance growth with security.
Since electronic payments are mature in other countries, regulators know what challenges to look for. Different countries with different regulators have their own set of challenges, which is why regulators need to plan requirements carefully and collaborate with commercial and financial sectors.
My next blog will discuss sales analysis and business intelligence in emerging market.
You are also welcome to download our whitepaper. We also invite you to be Relational Solutions guests at the CGT Consumer Goods Emerging Markets Forum #cgem14! on September 17-19th at the Ritz Carlton in Fort Lauderdale. Click below for more information and enter promo code EMRSVIP.