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Who will win the mobile wallet wars?

Studies show that consumers 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?

The first 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.

Banks should 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 mobile services.

Once the 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 questions:

  • 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?

Have questions? Get in touch with us.