Snippet: The mobile payments space has become increasingly overcrowded with consumers being promised exciting experiences that are now possible thanks to emerging technologies. Banks, on the other hand, are still weighing up their strategies for mobile payments, deciding which of these emerging technologies to integrate first.

The mobile payments space has become increasingly overcrowded – think Apple Pay, Samsung Pay, Google Pay – with consumers being promised the multitude of exciting experiences that are now possible thanks to emerging technologies. Banks, on the other hand, are still weighing up their strategies for mobile payments, struggling to decide which of these emerging technologies to integrate first. Thus, they tend to get stuck in a space where they spend too much time overthinking, analyzing what solutions to offer, agonizing about which vendors to choose, deliberating when to launch, and so on.

Being smaller and more agile, fintechs can find the gaps and take advantage of the banks’ lack of nimbleness by offering exciting and innovative alternatives to customers. The problem they face however, is that there is simply too much out there. The experiences may be new and exciting, but they result in a fragmented and frustrating user experience.

Take tokenization, for example. It’s become the new “thing” in terms of mobile payments. Apple Pay, Samsung Pay and Android Pay are examples of technology companies offering new and faster payment experiences to customers. But, as well as offering the aforementioned fragmented user experience, and using traditional methods for authentication – such as one-time passwords, which have been proven to be unsecure – they tend to be concentrated in similar markets and are too slow to expand to other markets that have the same need. The Middle East and Africa (MEA) region is one such market.

Case study: How Entersekt’s authentication technology has enabled Capitec Bank to innovate, offering secure mobile banking services to its customers. READ MORE>>

Let’s look at Africa, a continent that we can confidently state is mobile-only, but it doesn’t seem to feature as a possible market for existing third-party wallets. Except for Samsung Pay making a rocky landing in South Africa, the rest of the continent does not seem to be at the top of anyone’s list when it comes to expansion. This presents a challenge to banks: how do they offer the same experiences as third-party wallets, while at the same time being true to their brand?

Of course, banks don’t want to be left behind; they also want to offer their customers great experiences. But, in the MEA region, consumers’ trust factor in mobile devices is still not at the right level. Banks are starting to realize that to innovate faster, and offer more payment experiences on the device, they must go back to basics. They need to secure the foundation by ensuring that the identity, integrity, and communication to and from the mobile device is locked down.

Entersekt exists to solve this exact pain point. Our patented mobile identity solution can give a bank the comfort it needs – a secure foundation that acts as a trusted anchor and unlocks innovation. For example, our mobile payments solution simplifies the integration of emerging technologies, and we do the heavy lifting in terms of integration, certification, testing, and so on.

We can, of course, ask whether near-field communication payments using the mobile device will be successful, or will it just be another new initiative that fails? While we can’t definitively answer this question, we can respond by asking whether banks can really afford to overthink this and be left behind.

Read more about our customer authentication solution, or contact us at This email address is being protected from spambots. You need JavaScript enabled to view it. to speak to one of our experts.

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Mzukisi Rusi

Head of Solutions: MEA

The best ambassador Entersekt could hope for in the region, Mzu combines a decade’s experience in mobile and information technology, a keen strategic outlook and problem-solving ability, and that personal spark that sets everyone at ease. He’s also an engaging speaker on the topics that most animate him: digital technology and its role in bridging the gap between the formal financial sector and the unbanked.

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Entersekt is an innovator of customer-centric fintech solutions. Financial services providers and other enterprises rely on our patented mobile identity system to provide both security and the best in convenient new digital experiences to their customers, irrespective of the service channel. With us, they can concentrate on their innovation roadmap, while delivering intuitive, low-friction digital experiences to their customers.