In time, nascent payment methods relying on QR may take a share of the Middle East market, but in countries where the necessary infrastructure is well developed, growth in cards is likely to continue as digital payments accelerate. The Middle East payments market has recently expanded to include fintechs, tech companies, and telecom companies alongside incumbent banks—a shift enabled by regulatory changes such as those introduced in Saudi Arabia in late and the UAE in When we asked survey respondents which institutions would have the greatest impact on the future of payments, about 40 percent ranked banks or bank-backed wallets number one; another 30 percent selected telecom-company-backed wallets, and 17 percent big-tech companies Exhibit 3.
By contrast, the type of player most often ranked number two was tech companies, at 30 percent, followed by banks 23 percent and telecom-backed wallets 20 percent. If we take a deeper look at the responses, the majority of respondents who predicted banks and bank-backed wallets would win were from banks 62 percent of respondents. However, when respondents were forced to name their second choice, more than 50 percent of those from banks indicated that big-tech players were best positioned, which further emphasizes the threat of these players.
As these findings indicate, payments practitioners in the Middle East regard tech and telecom companies as strong contenders in payments, suggesting they are a threat to incumbent banks. By digitizing international remittances through its partnership with Western Union, the company has managed to address key customer pain points and win a share of the market. When survey respondents were asked which partners merchants were likely to work with to establish an e-commerce presence, the top choices were marketplaces and specialist fintechs, with each at 40 percent Exhibit 4.
Banks, local acquirers, and e-wallets trailed far behind, at 7 percent apiece. Interestingly, even banks themselves do not believe they are best suited to win in this arena: more than half of respondents from banks believed e-commerce marketplaces would win, while only 10 percent of those respondents believed the banks themselves were best positioned. This reflects a belief that merchants, particularly small and medium-size enterprises SMEs , seek solutions that go beyond pure payments.
Besides accepting digital payments, marketplaces can help merchants quickly set up their online sales, for instance. However, the high costs of marketplaces—up to 35 percent of revenue—may drive a longer-term shift to fintech solutions that enable merchants to set up and manage their own online presence.
SME payments and online acquiring are likely to be important battlefields, given the promising growth prospects of online merchant sales in the region. Forty-three percent of survey respondents expect more than half of all small and medium-size merchants to start selling online in the next five years. However, changes in the environment may be needed to fuel wider adoption of digital payments by merchants.
A third of survey respondents 33 percent said lower merchant discount rates MDRs would be the most effective factor in supporting the move to digital payments. However, these fees also drive customer adoption of digital payments by funding more generous customer rewards than in other regions, with some credit cards offering as much as 5 percent cash back.
Other industry-level initiatives to support digital payments might include introducing tiered MDRs based on sales volumes and launching alternative payment-processing platforms. Looking beyond pricing, more than a fifth 23 percent of respondents pointed to the need for financing for merchants, while 20 percent identified ease of use and support, with merchant onboarding as a key factor.
In addition, value-added services such as inventory and cash management and faster settlement each scored 10 percent of the sample. Bahrain issued open-banking rules in , followed by a framework with guidelines on data sharing and governance in late Saudi Arabia recently announced its plan to launch open banking in early These reforms are expected to have broad ramifications for the payments business.
When respondents to the survey were asked what government- or regulator-driven action would be most effective in steering customers to digital payments, 27 percent nominated regulatory approval for open banking, followed by giving customers incentives to shift from cash to digital payments at 20 percent. The next most frequently identified factors were allowing fully digital know-your-customer processes and adopting cash-free transactions between citizens and government—each selected by 17 percent of the sample.
Open banking stands out from the other reforms identified, because it not only enables payments to be digitized but also creates circumstances in which banks can be disintermediated by other players. In fact, 80 percent of survey respondents expected open banking to drive the decoupling of savings account balances and payments capabilities in the future. Under this scenario, consumers would be free to move to payment services providers that offer a great customer experience instead of continuing to rely on banks with less user-friendly payments offerings.
In recent years, payment fees have tended to be either flat like MDRs or declining remittance fees. Two-thirds of payments practitioners surveyed say they expect to see declines over the next five years. Thirty-seven percent of respondents predict the expected decline in fees will be up to 10 percent, 13 percent expect a decline of 10 to 20 percent, and 17 percent expect a decline of more than 20 percent.
If rising competition or regulatory changes exert further pressure on fees, as seen in other markets, then banks, payments providers, and networks will need to look for other ways to create value from payments in future. Migration and Remittances Data, World Bank, worldbank. Two-thirds of survey respondents 67 percent said bilateral arrangements between countries for real-time settlement and the scaling up of digital money-transfer operators will be key drivers in cross-border transactions over the next five years.
Other drivers of cross-border transactions that survey respondents identified as important are the creation of regional hubs or trade agreements 57 percent , the offering of cross-border solutions by regional ecosystem players 43 percent , and the adoption of cryptocurrency 10 percent. The majority of payments practitioners who took part in the survey predicted some degree of industry consolidation in the next five years.
For two-thirds of the sample, integration across the value chain—such as the purchase of merchant acquirers by networks—was the most likely prospect, while 30 percent of respondents predicted consolidation within specific parts of the value chain. One likely area could be payment gateways, as global players seeking a foothold in the market target regional players with local solutions.
The survey findings outlined have different implications for different participants in the payments industry. Although banks continue to lead the industry today, 60 percent of survey respondents predicted that nonbank payments providers will win in the future. According to respondents, the most important way to remain relevant in an evolving market, identified by 83 percent, is to digitize customer journeys Exhibit 5.
Following closely, at 73 percent of respondents, is to acquire or invest in fintechs. Other actions banks could consider include launching new products such as e-wallets and building an ecosystem recommended by 47 percent of respondents , partnering with large ecosystem players or conglomerates also 47 percent , and carving out the payments business to form a separate entity that can act like a fintech and compete more nimbly 37 percent.
With transaction fees under pressure, another imperative for banks is to reduce costs and find new ways to create value from payments. One option is for a bank to use advanced analytics to mine the information it possess to provide value-added services such as cross-selling and lending, as Square does for merchants in the United States, for example. Learn more about returning seller fulfilled items. These items are not eligible for self-return.
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Table of Contents. Crypto wallets explained. Essentials Blockchain Wallet. In short, a crypto wallet is a tool that you can use to interact with a blockchain network. There are various crypto wallet types, which can be divided into three groups: software, hardware, and paper wallets.
Depending on their working mechanisms, they may also be referred to as hot or cold wallets. Contrary to popular belief, crypto wallets don't truly store digital assets. Instead, they provide the tools required to interact with a blockchain. In other words, these wallets can generate the necessary information to send and receive cryptocurrency via blockchain transactions. Among other things, such information consists of one or more pairs of public and private keys. The private key gives access to your cryptocurrencies, regardless of which wallet you use.
So even if your computer or smartphone gets compromised, you can still access your funds on another device — as long as you have the corresponding private key or seed phrase. Note that the coins never truly leave the blockchain; they are just transferred from one address to another. The simple answer is yes. Whether you are a frequent trader or a bitcoin HODLer , you need to have a wallet address to store and trade crypto.
You can use the hot wallet provided by your crypto exchange, a mobile wallet you install on your phone, a browser extension, a desktop wallet, or a hardware wallet. There are several options out there. Below are some examples of the different wallet types:. Hot wallet: Binance exchange. Mobile crypto wallets: Trust Wallet , MetaMask. A hot wallet is any wallet that is connected somehow to the Internet. For example, when you create an account on Binance and send funds to your wallets, you are depositing into Binance's hot wallet.
These wallets are quite easy to set up, and the funds are quickly accessible, making them convenient for traders and other frequent users. Cold wallets, on the other hand, have no connection to the Internet. Instead, they use a physical medium to store the keys offline, making them resistant to online hacking attempts. As such, cold wallets tend to be a much safer alternative to "storing" your coins.
This method is also known as cold storage and is particularly suitable for long-term investors or " HODLers. As a way to protect users' funds, Binance only holds a small percentage of coins in its hot wallets. The remaining is kept in cold storage, disconnected from the Internet.
Noteworthy, Binance DEX provides an alternative for users that prefer not to keep their funds in a centralized exchange. It's a decentralized trading platform that allows you to have total control of their private keys, while also being able to trade directly from their cold storage devices hardware wallets.
If you don't hold your private keys, you're trusting your money to someone else. To address this problem, many web wallets now allow you to manage their keys, either entirely or through shared control via multi-signatures.
So it's important to check the technical approach of each wallet before choosing the most suitable for you. When using cryptocurrency exchanges, you should consider making use of the protection tools available. The Binance Exchange offers several security features, such as device management, multi-factor authentication , anti-phishing code , and withdrawal address management. As such, mobile wallets are particularly suitable for performing daily transactions and payments, making them a viable option for spending Bitcoin, BNB , and other cryptocurrencies in the real world.
Trust Wallet is a prominent example of a mobile crypto wallet. Just as computers, however, mobile devices are vulnerable to malicious apps and malware infection. So it's recommended that you encrypt your mobile wallet with a password, and backup your private keys or seed phrase in case your smartphone gets lost or broken. To overcome the lack of accessibility, you can use Binance DEX to connect your device directly to the trading platform. This is a secure way of accessing your funds because the private keys never leave your device.
Some web wallet service providers also offer a similar service, allowing hardware wallets to be connected to their browser interface. You should consider using a hardware wallet if you plan to hold your crypto for a long time or if you're holding large amounts of cryptocurrency. Currently, most hardware wallets allow you to set up a PIN code to protect your device, as well as a recovery phrase — which can be used in case your wallet is lost. A paper wallet is a piece of paper on which a crypto address and its private key are physically printed out in the form of QR codes.
These codes can then be scanned to execute cryptocurrency transactions. There is no definite answer as to which crypto wallet you should use. If you are a frequent trader, using a web wallet allows you to quickly access your funds and trade conveniently. Assuming you have taken extra steps to secure your account with two-factor authentication 2FA methods, your crypto is generally safe.
However, if you HODL a large quantity of crypto that you are not looking to sell in the meantime, cold wallets are better alternatives as they are not connected to the Internet, thus more secure and are resistant to online phishing attacks or scams. Crypto wallets are an integral part of using Bitcoin and other cryptocurrencies.
They are one of the basic pieces of infrastructure that make it possible to send and receive funds through blockchain networks. Each wallet type has its advantages and disadvantages, so it's crucial to understand how they work before moving your funds.
Blockchain Use Cases: Gaming. This type of software is easy to use while also being secure and fast. There is a plethora of Crypto wallets in the market, and choosing one can be difficult. Learn More.
Ledger Nano X. Coinbase is a hot crypto wallet that can sell, transfer, buy, and store digital currencies. It supports more than countries and more than 35 million people who trust Coinbase to sell, buy, store, and earn cryptocurrency. It is generated with a word recovery phrase on your sign—up. Like everything, nothing is perfect. Even with the best security measures, Coinbase was hacked in The good thing is that they proactively disclosed the event, took steps to prevent future breaches, and reimbursed the victims.
Mobile App: Android and iOS. Customer Support: Coinbase help page, emailed support, an automated phone system, and a chatbot. Binance is a central cryptocurrency exchange platform with a robust selection of crypto trading features. Binance was founded in by software developer Changpeg Zhao.
This crypto wallet offers leading crypto features like Auto-invest, staking, Defi, Futures and Options, and P2P trades. Their native coin, BNB, is among the Top 5 crypto globally. This crypto exchange has a Blockchain called the Binance Chain. Binance has a super-safe security system that ensures your coins are safe.
It uses two-factor authentication 2FA verification, device management, addresses whitelisting, and cold storage. The prudent thing is that the Binance team closed all the deposits and withdrawals during that period. The company returned all the money to the users whose account was hacked. Insurance: All U. Best for active traders and anyone interested in using crypto as an actual currency and not just for investment.
It allows users to sell, hold, buy and trade an extensive list of coins and enjoys low trading fees. Besides this, it also offers decentralized exchange, cryptocurrency credit cards, an NFT marketplace, and a standalone crypto wallet. It uses two-step verification, cold storage, and a rewording bug bounty program. If you are a U. You will have ownership of those funds means Crypto.
On 18th Jan , Crypto. However, the team reassured all the users who lost their money during the robbery and reimbursed them. Staking Support: You can earn up to 8. Price: Free. Ledger Nano X is the advanced cold wallet by Ledger company. It allows you to easily manage the cryptos and NFTs. It strikes a good balance of accessibility and security.
It works best when paired with Ledger live smartphone app. Using the app, you can easily and quickly view your balance with or without the device. Ledger Nano X uses certified Secure Element chips tamper-resistant to store all your private keys, preventing them from being exposed. They verified it as the only Ledger product in the market that uses a Secure Element with a custom Operating System.
This makes it more secure, reducing the cyber risks. Zengo is the non-custodial wallet that uses the next generation of security protocols using facial biometrics technology. This is a platform where you can buy, sell, trade, and invest in cryptocurrencies within the ZenGo wallet.
It is one of the easiest Cryptocurrency wallets in terms of setup. It is an innovative company holding a fresh product that solves a huge problem of private keys and passwords. ZenGo uses a high level of security which makes it nearly impossible for hackers to intervene in your wallet.
It uses 3FA level security when you are signing up. Then you need to confirm your registration by the link in your email. After that, a decryption code will be saved on your cloud storage, lastly, you need to set your facial biometrics. There are no cases of ZenGo being hacked as their security processes are robust. They even organized a competition to invite hackers to hack accounts holding 1BTC. However, having such a high and secure level of security, all the hackers failed to hack into the wallets.
Best for those looking for a digital security solution that transcends cryptos and easily controls your funds. Trezor Model T is one of the most advanced and secured cold wallet in the market for your crypto traders. Trezor company is a subsidiary of Satoshi Labs.
Trezor Model T was released in With Trezor wallet, you can protect your cryptos, digital assets, and passwords from hacks. It supports more than coins and tokens. The next-generation hardware wallet has several features, including a touchscreen display, a faster processor, and top-notch security. It is not saved anywhere in the device, making it more theft free.
The Trezor T firmware constantly gets updated. It also has a feature like device recovery where you can recover all lost data. Users can, however, link the Trezo Model T or Trezor One wallet to a third-party validator or staking pool. Kraken is a cryptocurrency exchange platform where you can sell, buy, invest, exchange, set limit orders, and much more on crypto-assets such as Bitcoin and Ethereum. It is one of the oldest Bitcoin exchange places. Kraken also supports spot trading and cryptocurrency futures.
Kraken was founded in by Jesse Powell in San Francisco. It also supports several institutional and individual investors with competitive prices in cryptocurrency trading. Kraken was launched after two years of development and rigorous testing. Kraken offers several security checks like SSL encryption, precise API key permission control, 2FA withdrawal email confirmation, strict surveillance, and air-gapped cold storage.
It does stand out for its security measures. Kraken has lived up to its performance and has never been hacked in the last 8 years. Breaching through its security level is a tough nut to crack. Staking Support: Yes.