Mobile wallet has done more than make life easier for consumers: It’s also opened the door for mobile financial service (MFS) providers to tap into a vast network of unbanked customers. These people, often low-income and/or residing in emerging markets, are unable to access a traditional bank, and turn to the power of mobile banking (and mobile wallet) as an alternative financial management system.
The correlation between these unbanked consumers and loyalty programs is predictable: 80 percent do not belong to any such....