Despite an explosion of information, most companies only use a fraction of all the data that is available to them. Managing and exploiting digital data will provide the next frontier in business innovation, competition and productivity. Business models driven by the digital development which will change the products and services significant.
A key difference in the payment market is how the mobile payment applications are build and marketed; in one end we have Apple Pay / Android Pay who are simple payment application that mostly deal with payments via NFC technology and do not much else.
On the other end, there are applications such as WeChat, who is building complete eco-systems around their payment platform, allowing for APIs to be installed in the WeChat application, such as P2P money transfer, taxi ordering and much more. Based on platform envelopment theory, platforms have to bundle up with other services to stand stronger in the markets.