want to use their devices to pay for a seamless experience at the point of
sale (POS). But with so many different mobile wallet options available, ranging
from merchant-specific wallets and bank-hosted wallets to “the Pays” (i.e.
Android Pay, Samsung Pay), who will win the loyalty of the consumer?
According to a
study by First Annapolis Consulting, consumers want one payment app on
their phone—and they want their bank to provide it. So, what do banks need to
know about offering mobile wallets?
question banks should ask is “Are mobile wallets the right strategy for us
right now?” For banks in competitive contactless-enabled markets where
acceptance of contactless payments is high, the time is undoubtedly now. For
banks in regions with less contactless enablement, you can plan your strategy
over a longer period of time.
also consider things offering choices in how to pay to their customers, the
opportunity to be seen as an innovator by being the first in their region to
offer mobile wallet options, and staying ahead of competitors that don’t offer
decision has been made to ‘go mobile’, banks need to educate themselves on
their position in the market, deployment options and challenges. As a first
step, read our eBook, 7 Key Questions
for Banks Launching Mobile Payment Solutions, which answers the following
- Who are the key stakeholders?
- How do the OEM Pays differ?
- What about own-brand wallets?
- What are the key challenges?
- What about security and risk management?
- What are the key milestones?
in touch with us.