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Digital Wallets: Crossing the Chasm Between Online and Offline Payments

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26 November 2012
Zilvinas Bareisis

Abstract

Despite an increasing online-offline convergence in retailing, there is still a chasm between online and offline payments which today’s digital wallets are struggling to cross. It remains a challenge to use secure element-based payment credentials online and cloud-based credentials at the physical POS, although various solutions to bridge the divide are emerging.

In the report, Digital Wallets: Crossing the Chasm Between Online and Offline Payments, Celent reviews a number of digital wallets available today with a particular focus on the US and UK markets. Celent also proposes an analytical framework for digital wallets and demonstrates how the framework can help banks understand the impact of wallets on their economics as well as on customer and merchant relationships, availability of data, risk management, and other key areas.

The report seeks to address the following key questions:

  • Given the proliferation of solutions, how can one differentiate between various digital wallets in the market today? What are the solutions, economics, and implications for various players?
  • Is there any consensus in the market on what is important in order to succeed? What are some of the big unknowns that could influence the market? What are some of the key challenges that the industry as a whole needs to address?
  • How should financial institutions respond to these market developments?

“Banks should think twice before going down the path of launching their own branded independent wallets,” says Zilvinas Bareisis, Senior Analyst with Celent’s Banking Group and author of the report. “For some, it might make sense, but many others will likely be better off focusing on making their payment credentials available and ‘top of wallet’ in the wallets already out in the market, as well as enhancing and extending their mobile banking platforms with value-added services, including payments.”

This 37-page report contains 18 figures and one table.

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