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Mazars publishes Mobile Payment Index highlighting growth potential for telcosPARIS, Sept. 19, 2019 /PRNewswire/ -- Mazars, the international audit and advisory firm, today announces the release of its new study "Future of Telcos: Winning the client experience battle. The case of mobile financial services". Containing insight from ten internal experts, the report reveals how telecommunications companies stand to strengthen customer loyalties and grow their bottom line if they can use mobile finance capabilities to shape, own and brand seamless customer experiences. A centrepiece of the report, the Mazars Mobile Payments Index demonstrates how great the opportunities are for telcos to use mobile financial services to win the customer experience battle. From the 17 markets analysed, the top three countries are China, the US and the UK, while the bottom three are South Africa, Mexico and India. Julien Huvé, Head of Telecommunications Services at Mazars Group comments, "The business of telcos is changing. Connecting people is no longer enough – instead, telcos want to play a leading role in shaping customer experiences. By using their devices to unlock shared, autonomous cars and 'shop and go' without having to reach for a physical wallet, customers are on the verge of a new seamless era. This is where the opportunity lies for telcos, which can use mobile financial services to turn possibilities into reality." Huvé adds, "The Mazars Mobile Payments Index reveals which markets present the greatest opportunities and challenges to telcos looking to grow their businesses and evolve their offering beyond simply connectivity and digital access." By analysing the markets based on ten different variables related to regulation and infrastructure, consumer behaviour and mobile payment penetration, the Index provides an equivalent basis on which to compare mobile financial services opportunities around the globe. Focus on China: A cashless society rising Ranked first in the Mazars Mobile Payments Index, China is well ahead in terms of usage. Mobile payments have seen a tenfold increase since 2012 in China, a market that is continually shaped and driven by its two tech giants: Tencent's WeChat Pay and Alibaba's Alipay. Some key figures for China:
Ranked second in the Mazars Mobile Payments Index, the digitisation of financial services in the US has been gradual. While the US market is fragmented, it nevertheless offers excellent conditions for the implementation of mobile financial services. Some key figures for the US:
Focus on the UK: A European trailblazer The United Kingdom emerges as the European trailblazer in the Mazars Mobile Payments Index mostly thanks to its strong performance on regulation and infrastructure. The sandbox approach promoted by the UK regulator appears to be extremely effective in fostering innovation. Some key figures for the UK:
Focus on East Africa: A continent of telecoms opportunities Over the last decade, Africa has become a global leader in mobile financial services - more than half the world's mobile money companies operate on the continent. Kenya and Ivory Coast were the continent's best-in-class in terms of mobile financial services usage. Notably, mobile financial services play a transformative role for economic and social inclusion across the continent, particularly on women. Some key figures for East Africa:
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