Those who don’t have any bank account will be able to access cryptocurrency account from their mobile from 2025 for their daily financial transaction. These were the exact words from the managing VP, Miriam Burt at Gartner. Gartner was delivering a presentation at Oracle OpenWorld 2020 on Gartner’s Strategic Prediction for 2020 and beyond. This week at the Dubai Trade Centre Arena got filled with hundreds of representatives from all over the globe.
She added that in order to stay competitive as well as to amend the customer satisfaction, the financial leaders that are accountable for digital commerce should foresee the consumer payments centred on crypto-currency in future.
Views Of Miriam Burt, On Crypto-Enabled 5G SIM
Burt believes that the future has the potential to go entirely cashless with cryptocurrencies. As the crypto industry is expanding its reach across the globe, it can be a great way to make the world go cashless, particularly those who don’t have any bank accounts.
In her presentation, she described how cryptocurrency could play a significant role in the economy. She explained that in the MENA (The Middle East and North Africa) region, more than two-thirds of people don’t have any bank accounts. Meanwhile, there are more than 70% of mobile subscribers in almost half the countries of the world. According to this, it means that nearly 23% of these people who have access to phones don’t have access to bank accounts.
Eventually, this is an excellent possibility for cryptocurrencies to come up as the ultimate solution and to progress the financial inclusion initiative globally by being the centre of digital payment methods. Burt believes that China can be the first to come up with this service offering.
China Telecom Can Be The First To Offer This Service
China Telecom, which is one of the largest operators in China, is working towards developing such 5G SIM cards that are enabled for blockchain technology. If China Telecom would be able to succeed in the task, it’s going to become the largest operator in the world. These 5G SIM cards will have superior safety features that include decentralised authentication and digital authentication.
According to Statista, a research firm, e-commerce sales on mobile phones will increase to 72% by the year 2021.