What’s in Your Mobile Wallet? Winning the Battle for Mobile at the Retail POS
The last year has seen a proliferation of digital wallet announcements, pilots, and launches, some of them promising to reshape the way consumers shop at brick-and-mortar stores. This report investigates what it takes to bring mobile solutions to the retail point of sale.
In a new report, What’s In Your Mobile Wallet? Winning the Battle for Mobile at the Retail POS, Celent defines the four major domains along which players will compete to bring mobile solutions to retail. Banks have an opportunity to remain important players in this new environment if they make the right choices in the forthcoming months. Otherwise, they run the risk of letting others take over their relationships with consumers and merchants.
“This isn’t just about NFC,” says Zilvinas Bareisis, Senior Analyst with Celent’s Banking Group and author of the report. “If banks play their cards right, NFC-based solutions offer them an opportunity to remain in control of merchant and consumer relationships. The alternative vision of commerce promoted by cloud-based mobile wallet providers, such as PayPal, is a lot less appealing to banks and other incumbents.”
This report describes the requirements mobile wallets should fulfill in order to succeed in the market and how specific features are likely to evolve. The report also offers predictions on how the market is likely to develop and makes recommendations for financial institutions.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].
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Table of Contents
Understanding Different Types of Wallets
A Bit of (Recent) History
The Tale of Two Distinct Visions: Google Wallet and PayPal
Mobile at the Retail POS: Key Battlegrounds
What Do Consumers Expect from Their Mobile Wallets?
Nosing Around a Physical Wallet
Requirements for a Successful Mobile Wallet
Gazing Through a Crystal Ball
Implications for Financial Institutions
Leveraging Celent’s Expertise
Support for Financial Institutions
Support for Vendors
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