The slow and fast growth of payment innovation
"The authors also remind us that payment innovation tends to take a long time. To paraphrase the authors: Diners Club ignited the modern card payments industry back in the 1950s, but seven years later there was only one successful U.S. payment network…Visa and MasterCard didn’t even start until 16 years after Diners Club, and it took them another decade to gain widespread use!" "Bangladesh has its bank-led mobile money called bKash which works across most Mobile Network Operators there, and Peru with its yet-to-be-launched ASBANC mobile money initiative involving banks and MNOs may be good models for successful ignition. Within the research report, Bangladesh was recognized as a developing country that experienced "ignition with explosive growth;" " http://www.mobilepaymentstoday.com/blogs/past-is-prologue-maximizing-future-ignition-of-mobile-money/