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OmlisWP_Latin_American_Mobile_Payments
- 1. Mobile Payments Security in
Central & South America
(Financial Sector)
Impact of Mobile Payments Security on Profits,
Reputation and Customer Loyalty
Part 5 of Global Mobile Payments Series from Omlis151103_oml_v1p | Public | © Omlis Limited 2015
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Contents
Introduction 2
The Mobile Use Landscape: Central & South America 3
Mobile Payments: An Overview 4
The Mobile Payments Landscape: Case Studies 5
Key Mobile Issues for Financial Institutions in Central & South America 7
Issue 1: Security 9
Issue 2: Financial Inclusion 11
Issue 3: Infrastructure 13
Summary and Recommendations 15
Infrastructure 16
Financial Inclusion 16
Security 16
About Omlis 17
References 19
Contributors 19
Introduction
Central & South America exhibits widespread economic
disparity combined with a sprawling landmass and a
60% majority of unbanked citizens. These fairly unique
characteristics have spawned a diverse mobile-centric
ecosystem, and has led to the constant reassessment of
terms such as ‘mobile payments’; a concept which has
become increasingly steeped in complexity over the last
couple of years.
South America is home to a mix of technologically
sophisticated consumers and unbanked rural populations.
Brazil, Colombia, Peru and Ecuador all have their share
of famous cities, but they also have vast swathes of rural
terrain which bring an immense duality to the idea of
‘mobile’ payments.
With a year-on-year increase of 53%, the region is showing
the strongest growth in new mobile money services,
according to GSMA and there are more of these schemes
than any other region excluding Sub-Saharan Africa. As a
result, the number of mobile banking users is expected to
grow by 65% throughout 2015.
1
Central & South America has seen a growth in affluent
middle classes which is reflected in heightened access to
mobile technology. The three biggest mobile markets in the
region are Brazil with 272.4m active subscriptions,
2
Mexico
with 97.6m and Argentina with 53m.
3
A special mention is
reserved for Columbia which is widely recognized as the
rising star of the South America region when it comes to
mobile technology. Colombia recently overtook Argentina
in smartphone penetration rates, having last year achieved
a phenomenal year-on-year gain of 23%.
4
The increased consumer adoption of mobile-specific
products and services draws attention to the rise of
alternative financial institutions and new PSPs (Payment
Service Providers) which are now proliferating throughout
the region. These non-traditional services are rapidly
proving themselves to be an increasingly disruptive force
as they consistently demonstrate their ability to meet
the needs of those who remain unbanked while also
addressing coverage issues within underserved markets.
Mobile payment solutions are changing the way that people
in the region transact, bank and transfer their funds. This
has far-reaching effects, not only on the consumers readily
adopting the benefits of the mobile channel but also on
the parties facilitating their use. To further understand
the landscape in which the financial industry operates in
Central & South America, it is important to firstly consider
the evolving payment habits in the region.
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The Mobile Use Landscape:
Central & South America
Section Summary:
Brazil and Mexico lead the way in terms of adoption and mobile payments acceptance
Central & South American consumers still face a language barrier when accessing many
online services
The region’s consumers are much more likely to transact via mobile device than by desktop
computer
An increasingly important part of everyday life, mobile
subscriptions rose to 735m in Central & South America
at the end of 2014. This equated to almost 200m
mobile handsets being sold in total, 62% of which were
smartphones,
5
a direct result of increased competition
between manufacturers in the region. This has driven
down the cost of smart mobile handsets, making them
more accessible to a larger consumer segment of the
Central and Southern American population.
Mobile Mexico
88.15% of Mexicans turn to their mobile
device over alternative technology
when looking to make a payment.
6
The use of mobile as the main channel for making payments
across Central & South America has seen a dramatic
increase in consumer adoption, with a projected growth
in m-commerce users of 22.31m in 2016. M-commerce
in Mexico alone is expected generate over $10.3bn in the
region by the end of 2015. The ever-increasing consumer
appetite for more mobile driven products and services will
play a key role in the growth of mobile data use which is
set to reach 67% between 2015 and 2017. Central & South
American countries are well positioned to become leaders
in the global mobile payments industry within the next five
years.
7
Mobile payment solutions such as NFC have increased
in popularity across the region, with the Bank of Brazil
emerging as a front runner through its partnership with
Visa and mobile operator Oi, to enable payments at 1.4m
contactless POS (Point of Sale) terminals.
8
Language Barrier
With the majority of South & Central
Americancountrieshavingonlyasingle-
digit percentage of the population who
speak English, localized language
options are critical for payment
solutions looking to enter the market.
9
When making an electronic purchase, the population of
Central & South America are much more inclined to use
their mobile device than they are a tablet or computer.
This has been duly noted by both businesses and financial
institutions, who are now taking steps to ensure that they
are capable of supplying the region’s growing demand for
mobile solutions.
Mobile Payments: An Overview
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The Mobile Payments Landscape:
Case Studies
Consumer reliance on mobile devices for transacting in-
store and managing finances has become increasingly
prevalent across Central & South America, especially
between banks and consumers as they interact and
demand more from mobile payment technologies.
Below are three case studies which highlight the large
variety of mobile solutions on offer in the region:
Case Study 1:
P2P (Person to Person)
Paraguay rose to prominence
by recognizing that simpler but
sometimes more expensive forms
of communication through legacy
methods such as USSD are still a key
way of engaging the masses. This is
especially true in rural or less well-off
territories where net coverage is sparse.
Tigo Money in Paraguay is more aligned
with the mass participation mobile
money schemes we see in Africa, and
their use of USSD makes a strong
case for a two-pronged approach in
South America – incorporating web
based methods alongside USSD.
This strategy can prove expensive for
both banks and telcos, so there is a
tendency to pass the technology off as
outdated. Smartphones are the rising
technology of our times, but where
extreme poverty exists, USSD can
either be the single best solution or it
can become part of a two tier system.
Tigo Money allows for P2P remittance,
utility payments and in the case of
Tigo Cash, merchant payments. It has
had a similar effect on Paraguay as
Safaricom’s M-Pesa had on Kenya,
proving that a dominant carrier with
a 50% plus share isn’t necessarily a
barrier to entry for mobile money; rather
it provides a harmonious platform for
effective P2P interaction.
Case Study 2:
Mobile Platform
Colombia’s retail banking sector has
grown from small organizations serving
local communities to incorporate large
international banks. Davivienda Bank is
now one of the most innovative financial
institutions in Colombia following the
implementationofDaviPlata–themobile
platform for their digital wallet service.
Davivienda worked closely with the
Colombian government to modernize
KYC (Know Your Customer) rules and
provide a legislative environment which
would be suited to mobile payments.
DaviPlata now has over 2m subscribers,
which makes it one of the most popular
mobile wallets in the world, this is
in no small part due to backing from
the Colombian government. As well
as incorporating the welfare scheme
known as Familias en Accion, 80,000
military salaries are also paid into
DaviPlata each month.10
Government
assistance in emerging economies will
always be essential if mobile payments
are to take hold. Last year, Colombia
passed additional financial inclusion
laws which would allow for a new
breed of financial institutions known as
‘Organizations Specialized in Electronic
Deposits and Payments’.
Case Study 3: mPOS (Mobile Point of Sale)
The financial inclusion made possible by mobile solutions
is evident throughout the less wealthy areas of Central &
South America where a combination of P2P payments
and convenient, remote access to funds offers increased
financial stability. Providers are realizing the positive effects
of including as much of the population as possible, even
if they have to pay to do so (see Case Study 1) which is a
progressive attitude and shows the viability of technology
some may have written off.
This mobile revolution is not solely the purview of financial
institutions as can be seen through the widespread
adoption of mPOS technology by both small businesses
and the large brands which are beginning to find a
following in Central & South America. Mobile payment
solutions are making life easier for people throughout the
region and connecting the once disparate urban and rural
setting like never before, however, there are still hindrances
to complete, trusted mobile adoption in the region.
In recent times, mPOS has become a vital
tool for ensuring Central & South America’s
economic prosperity. Small business in
Mexico accounts for 99.8% of enterprises
and 72.3% of employment,
11
with 64% of
the country’s 1m grocery stores operating
as small family owned establishments.
The arrival of large branded stores has put
pressure on this hugely important sector
and made mPOS particularly important
to small businesses who face demands
to offer parallel payment technologies or
risk losing out to the lure of convenience.
The ability for a small merchant to turn a
smartphone or a tablet into a point of sale
device is therefore essential.
Mexico now has a range of mPOS
devices; chiefly supplied by the likes of
Mikit (a product of GoSwiff), Banamex
which released Acepta Móvil (aided by
Stratus Technologies), bakery giants
Grupo Bimbo and iZettle which forms part
of a scheme called Tableta Concanaco
which distributes subsidized POS
terminals.12
The prominent role of Mexico’s
taxation authorities in devising Tableta
Concanaco
13
shows how the rising usage
of mobile technology can draw citizens
into the formal economy.
“The variety and quality of mobile payment solutions
proliferating throughout Central & South America show a
true willingness to adopt and benefit from the ever-growing
mobile channel.
”Paul Holland, Analyst at Omlis
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Key Mobile Issues for Financial
Institutions in Central & South
America
With the use of mobile devices in transactional scenarios
growing on a global scale, Central & South America have
proved key contributors to this increasing trend. However,
while consumer interest is growing alongside the amount
of solutions on offer, there are still issues facing mobile
payment adoption.
There is evidence to suggest that the region’s urban
population favor banking and transacting remotely and
in-store through their mobile phones. Unfortunately, for
many of the rural population this isn’t possible due to
connection issues and, as is sometimes the case, a lack
of access to devices capable of utilizing Central & South
America’s burgeoning mobile payments channel. This
isolated community has become ‘unbankable’ in the eyes
of many providers due to the issues faced in connecting
them to financial services.
There are exceptions to this rule though, as in some rural
areas the access to mobile devices has become a lifeline
through which many access essential banking facilities. In
this case, the potential of the mobile channel for financial
integration becomes clear. Despite the evident potential of
these services, issues still remain with the quality of security
present in current mobile driven financial initiatives.
Despite having some of the most targeted countries in
the world when it comes to malware and financial Trojans,
the public awareness of cybersecurity remains minimal.
This becomes especially worrying when combined with
the fact that there is very little in the way of data security
enforcement. All too often, Central & South Americans that
are savvy with technology become tempted into taking
advantage of this soft target, making cybercrime seem like
a viable source of income.
Through our research of this varied and contrasting
region, we have identified three core key issues hindering
the effective implementation of mobile payment solutions
in the Central & South America’s financial institutions:
Security, Financial Inclusion and Infrastructure.
“Steps must be taken to ensure that it is not only the
urban population who are able to access mobile banking
solutions, in combating the relative isolation faced by rural
communities in Central & South America, these services
would be a financial lifeline.
”Markus Milsted, Founder and CEO at Omlis
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Issue 1: Security
Section Summary:
Central & South American countries are currently under-performing when it comes to
cybersecurity
A lack of consumer awareness raises the risk of breaches within the region
The threat of malware has made people reticent to fully embrace mobile financial solutions
As we can see from statistics like smartphone penetration
and internet exposure, states such as Brazil, Chile and
Argentina are highly IT literate, which can be a dangerous
formula in a setting where there often isn’t much money
and even less in the way of cybercrime law enforcement.
The lack of cybersecurity is made apparent in the
PandaLabs Annual Report 2014 where five of the nations
in the ‘top ten countries with highest infection rates’
league table are from Central & South America (Ecuador,
Guatemala, Bolivia, Peru and Brazil).
14
Malware Targets Brazil
The Microsoft Security Intelligence
Report quotes Brazil in second place
in the worldwide malware prevalence
league, with a particular susceptibility
to banking Trojans.
15
These Trojans are
fairly country specific in that they’re
delivered through malicious CPL
files contained in phishing emails as
part of targeted social engineering
campaigns.
16
The introduction of mobile banking opened a new
gateway for fraudulent attacks such as BANCOS Trojan,
which removes key security components from the user’s
online bank account. The reason for BANCOS’ success,
specifically in South America is often put down to
unpatched security and lack of consumer awareness.
17
The ever-present threat of malware could also explain
the general reluctance that Argentinians have towards
mobile banking which is something of an anomaly given
the fact that the country has high internet participation
rates, widespread smartphone penetration, but just 28.9%
mobile banking saturation.
18
In previous generations security was always an issue but
the threat was much more human - the manually handled
government welfare payments we addressed earlier were
and still are often subject to corruption at different points
along the chain of trust. Corruption arranged through
government officials and distributors can be negated with
the advent of direct G2P (Government to Person) payments
made to mobile, but if the industry is to grow and prove its
worth, there is a need for security measures which reflect
the vital nature of the welfare payment.
“In a region plagued by persistent cybercrime, financial
institutions must lead by example and ensure that security
is guaranteed across banking platforms.
”Paul Holland, Analyst at Omlis
How Omlis can Help:
Central & South American financial
institutions would benefit from Omlis’
expertise in mobile payments security and
through leveraging the Omlis solution, the
region’s banks would be able to guarantee
secure mobile device transactions and in
doing so, raise their market share through
increased consumer trust.
Find out more, contact:
marketing@omlis.com
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Issue 2: Financial Inclusion
Section Summary:
Government to person (G2P) payments are actively supported by financial institutions
New laws are increasingly focused on ensuring financial inclusion for the lower income
population
The use of mobile wallets and P2P transfers is widespread throughout Central & South
America
Countries in the region are beginning to realize the real
opportunities for financial inclusion afforded by increased
availability of mobile channel driven initiatives. Discussions
around financial inclusion issues have historically been
vague in nature, with many likening it to accessing money
transfer which isn’t so much restricted by physical distance.
This mobile driven opportunity can be hugely empowering
for some, but less meaningful to others largely because
inclusion does not necessarily imply more money or even
enhanced living standards.
P2P remittances are becoming increasingly popular
options for many South Americans, but G2P schemes
could fuel the momentum that accelerates various
inclusion initiatives. The popularity of transfer initiatives
are very evident in the region, but G2P presents a real
possibility for social inclusion, extending the government’s
reach to the rural poor and bringing unbanked populations
into the organized economy. G2P is poised to demonstrate
how mobile payment products are made to fit the needs of
a mass population, compared to financial agents who are
constantly wrestling with public imagination in an attempt
to encourage them to fit the product.
19
Brazil distribute their welfare program known as Bolsa
Familia through electronic G2P payments, reducing
distribution costs from 14.7% to 2.6% and championing
such inclusion schemes.
20
Colombia take the G2P concept
even further, having passed the ‘Financial Inclusion Law’
which paves the way for new types of financial institutions
that offer mobile money schemes geared towards the
financially excluded.
21
Davivienda Bank exemplifies
the Colombian G2P drive, having integrated welfare
disbursement into their mobile banking platform. Around
a third of all Familias en Acción welfare payments in
Colombia are now delivered through the mobile channel;
the remainder are collected over the counter at Banco
Agrario.
Elsewhere in South America, Peru is an active member of
the Better than Cash Alliance and is committed to digitizing
its welfare schemes and Mexico’s Oportunidades program
has incorporated definite digital dimensions.
P2P transfers are another vital instrument for financial
inclusion, but they haven’t taken off in Central & South
America with the same urgency as displayed in Africa and
Asia (with the exception of Mexico and Paraguay). Mexico
is the fourth largest recipient of cross-border mobile
remittances in the world and Paraguay has welcomed Tigo
Money – a product of the multinational carrier known as
Millicom (see Case Study 1).
“The true potential of mobile payments as a driving force
towards financial inclusion can be seen throughout Central
& South America, the numerous G2P schemes show how
successfully the mobile channel can bring underprivileged
people together with financial services.
”Markus Milsted, Founder and CEO of Omlis
How Omlis can Help:
Omlis is able to facilitate secure
transactions whether they are direct from
financial institutions, G2P or P2P. The
Omlis solution has limitless scalability
and is effortlessly interoperable with
existing transactional systems allowing
for the development of a secure, inclusive
payments network.
Find out more, contact:
marketing@omlis.com
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Issue 3: Infrastructure
Online banking services are popular due to a high penetration of smartphones in the region
There is still a large financial disparity between the rural and urban populations of Central &
South America
Mobile devices are often the only medium for the population to access online financial
services
Buoyed by strong smartphone penetration, Central &
South America has high online banking participation rates;
with Brazil, Chile and Venezuela all displaying figures of
above 43%. Further evidence of Brazil’s affinity with online
banking is that citizens spend significantly more time using
online banking websites than any other nation in the world
at 1hr 22mins per month; contrast this with Germany in
second place at 47mins, and the UK in third with 46mins
and the scale becomes clear.
22
This tendency towards online banking contrasts with
absolute financial exclusion in poverty stricken urban
dwellings and the incredibly isolated rural territories.
Millions remain unbanked and underbanked right across
South America, which is in no small part due to these
isolated rural communities; some of which are so remote,
that the term ‘unbankable’ is often applied.
Central & South America has witnessed a mass exodus
from the countryside to the city which could be hugely
damaging to the continent’s agricultural export markets.
A fortunate yet unintended consequence of P2P mobile
payments is that it could help to sustain the valued rural
economy, as is the case in Paraguay where rural-to-
urban and urban-to-rural payments flow fairly evenly in
either direction.
23
This leaves the rural population far less
isolated, economically connected, and less likely to head
for the city.
The debate about whether the region’s countries would
benefit from SWNs (Single Wholesale Networks) to deliver
4G – or network coverage in general - is as yet unresolved.
Mexican policy makers have proposed such an option,
24
recognizing that rural areas are often overlooked as
unprofitable. For now though the above-average mobile
network infrastructure existing in the region’s urban areas
gives it a lot of potential in terms of mobile product range.
Android out in Front
South America is a region where cheap
Android handsets are sold alongside
premium models, meaning that South
America has a huge Android majority:
Chile – 80%, Brazil – 76%, Argentina
– 75%, Mexico and Colombia – 74%,
Peru – 72%, Venezuela – 62%.
25
2G still makes up the majority of connections in Latin
America, but 3G connections reached 39% of the
population by the third quarter of 2014.
26
Of even more
consequence for mobile payments is the fact South
America is one of the continents where mobile broadband
subscriptions are vastly higher than fixed broadband
subscriptions. Mobile isn’t just the chosen medium by
which to access the net, it’s often the only medium. This
imbues a kind of necessity for mobile payment facilities
and security measures which are up to the task.
Section Summary:
“The disparity between rural and urban communities in
Central and South America is shrinking due to the immense
potential of mobile financial solutions.
”John Stuart, Chief Commercial Officer at Omlis
How Omlis can Help:
The Omlis solution is designed to work
across 2G, 3G and 4G networks offering
a forward thinking approach to security
which is easily backwards compatible.
While Central & South America’s network
coverage develops, Omlis is able to
provide financial institutions with a means
to secure transactions whether their
consumer has the latest model or is
limited to a feature phone.
Find out more, contact:
marketing@omlis.com
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Summary and
Recommendations
To address the key issues raised in this paper, Omlis
makes the following recommendations:
Security
XX Many inhabitants of Central & South America
have little to no understanding of the threats
posed by cybercriminals, a greater awareness
must be reached to ensure that people are able
to adequately protect themselves from data theft
XX The influx of new mobile financial solutions show
that the region’s banks are serious about the
burgeoning payment medium, to cement the
success of these ventures – security must be an
absolute priority
XX There is evidence that, for those aware of the risks
associated with the mobile channel, a reticence
to engage develops – by being able to ensure
secure transactional scenarios, Central & South
American banks could persuade those who are
currently sat on the fence to engage with mobile
solutions
Financial Inclusion
XX The strong support from the region’s governments
when it comes to paying out welfare via mobile
devices is encouraging and shows how versatile
mobile transactions can be – these services must
ensure that they prioritize security, as the people
receiving these payments rely on their safe receipt
XX The divide between the rural and urban
communities has seen a mass exodus towards
cities which could be avoided by the development
of a robust, secure payments network allowing
people to access to banking services wherever
they live
XX Central & South Americans are beginning to see
mobile payments such as P2P as a solution to
financial exclusion, by developing high quality
remittance systems and ensuring their security;
the ‘unbanked’ may become a thing of the past
Infrastructure
XX While certain areas within Central & South
America have seen a positive uptake of mobile
banking services, efforts must be made to ensure
that they offer security as well as convenience
XX 2G still makes up the majority of connections in
the region, this huge consumer base must not be
ignored by financial institutions looking to release
new mobile banking solutions
XX M-commerce is set for great success in Central &
South America as mobile devices are many of the
populations’ main portal to financial services; to
ensure adoption and an increased market share,
banks must lead by example through the creation
of high quality, secure solutions
Omlis understands the significant impact security has
to the bottom line of any financial institution. The Omlis
core solution is not only crucial in protecting financial
data, but also in retaining a trustworthy brand. Our core
solution was designed specifically for mobile using the
same high-integrity development process (Correctness
by Construction) as security-critical systems such as air
traffic control and nuclear power. The benefits offered
by Omlis also extend to costs. Omlis will significantly
reduce operating spend with an integrated solution that
easily streamlines existing infrastructure. Implementing
the Omlis core high-integrity encryption solution positions
any organization as a provider of fully secure mobile
transactions and demonstrates a real commitment to
successfully combating the growing threat of hacking and
fraud.
While there is undoubtedly promising movement towards
the use of mobile devices to make payments and interact
with financial institutions, there are still issues hindering
Central & South America’s mobile channel potential. These
vary from geographical constraints and the distribution of
wealth, to a lack of security measures and an inconsistent
connection infrastructure.
The latent market within the region is bolstered by the
population’s willingness to adopt new methods of financial
management in areas where effective mobile services
are more widely available. Steps must be taken to ensure
that any mobile payment or banking solutions which are
rolled out prioritize high standards of protection against
cybercrime and data theft, both of which are concerns
instigating consumer reticence in the Central & South
America.
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About Omlis
Omlis is a global mobile payment solutions provider
bringing highly powerful and effective solutions to all mobile
commerce security. We offer a powerful and innovative
secure payments technology specifically designed to
address the major issues that impact on today’s mobile
payments market, most importantly, the massive cost of
fraud.
We strive for a future where anyone, anywhere, can use
their electronic device and safely conduct any commercial
activity with complete and absolute confidence that their
activities are fully secure and uncompromised.
Omlis brings to market the first mobile payment solution
designed, developed, and tested using high integrity
development processes that are typically used for security
critical applications. Consumer information is no longer
vulnerable to attack due to this novel method of encryption.
The Omlis solution, unlike other encryption technologies,
does not have a single point of failure. Traditional systems
generally have a single point of failure where sensitive
information is held - the hosted services that malicious
parties can easily target. A key differentiator is our ability
to distribute the risk by displacing it to the mobile device.
Existing encryption often relies on keys derived from a
single master-key to secure sensitive data, meaning that
as more devices join a network, the risk of these devices
becoming compromised also increases. With the Omlis
solution, the level of risk does not increase due to our
single-use encryption keys which remove the possibility for
theft of valuable information as well as the ability to breach
numerous devices through a single-point-of-attack. Any
potential threats to personal data are swiftly isolated and
eliminated, effectively removing the risk if a consumer’s
mobile device is compromised.
Omlis Solution Risk Profile vs Traditional Risk Profile:
Traditional Risk Profile Omlis Risk Profile
Hackers Hackers
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1. Nearshore Americas: Mobile Payment Solutions
Driving Financial Inclusion in South America
2. PaymentsSource: Brazil is the Country to Watch
for Mobile Payments
3. Latin Link: An Overview of Latin America’s Mobile
Market
4. eMarketer: Colombia Joins Top Three Smartphone
Markets in Latin America
5. Pyramid Research: Latin American MNOs Explore
M-commerce Beyond M-payments via Mobile
Merchants
6. Fortumo: Mobile Payments in Latin America 2015
7. Evigo: MasterCard Report Growing Mobile Trends
in Latin America
8. GSMA: Latin America: The Next Growth Market
for Digital Commerce
9. Fortumo: Mobile Payments in Latin America 2015
10. Mondato: Colombia – Building a Digital Ecosystem
Through Public / Private Partnership
11. OECD: Mexico – Key Issues and Policies
12. Mobile Payments Today: Mexican Banks Adopt
More mPOS Payments Technology
13. Mobile Commerce Press: Mobile Payments are
Being Embraced by Mexican Banks
14. PandaLabs: Annual Report 2014
15. Microsoft: Security Intelligence Report Volume 17
16. Trend Micro: CPL Malware – Malicious Control
Panel Items
17. Trend Micro: Latin American and Caribbean
Cybersecurity Trends and Government Responses
18. eMarketer: Online Banking Reaches Significant
Share of Web Users in Brazil
19. Center for Financial Inclusion: Financial Inclusion
by 2020? It Depends.
20. Center for Financial Inclusion: G2P Electronic
Payments Leading to Increased Aid and Inclusion
in LAC
21. Mondato: Colombia – Building a Digital Ecosystem
Through Public / Private Partnership
22. eMarketer: Online Banking Reaches Significant
Share of Web Users in Brazil
23. GSMA: Mobile Money in Latin America – A Case
Study of Tigo Paraguay
24. GSMA: Assessing the Case for Single Wholesale
Networks in Mobile Communications
25. eMarketer: For Mobile Web Traffic in Latin America
– Android Reigns
26. GSMA: Mobile Economy Latin America 2014
References
Contributors
The following individuals contributed to this report:
Helmut Okike
Senior Marketing Executive
John Patterson
Copywriter
Paul Holland
Analyst
John Stuart
Chief Commercial Officer
Markus Milsted
Founder and CEO