Monday, March 16, 2015

The Future of the Mobile Wallet!

What does the future hold for the payment industry’s biggest payment revolution in years? We take a look at the good, bad, and the ugly of mobile wallets and how things should change for the better in the coming years.

Mobile Wallets

è The Good
·         Available on almost all mobile phones
·         Near instant payment for users-little waiting around for a payment to confirm
·         Multiple ways to pay for goods- can use NFC, BTLE, QR Code, P2P via e-mail or SMS
·         Secure connection

è The Bad
·         Cumbersome, unintuitive, and not geared towards the user
·         Too disparate a market i.e. too many wallets offering the same thing
·         Little benefit to the user over using a card or cash

The mobile wallet is already changing, but the future will see it become the major payment channel for many people around the world. Here are 5 ways that we think things will change:

1. HCE = Simplicity

Now that MasterCard and Visa have shown support for Host Card Emulation, mobile payments and mobile wallets should become even quicker and simpler to use.
Still, the biggest hurdle for the future of wallets is the time it takes to open a phone app and pay. In the future, it’ll be always ready to go.

2. Wearables

Wearable technology still seems like a gimmick to many- after all, it’s hard to make Google glass look overly appealing to the broad populace. However, payments from a mobile wallet would be vastly improved if all you needed to do was look at an item and tap a button to pay.

3. Biometrics

Apple may have adopted early, but with Samsung having followed, Biometrics could be the key to removing cumbersome security precautions. Place your phone over an NFC pay-point or near a BLTE ‘beacon’ with your thumb on the reader – and voila, automatic authentication and payment confirmation follow.

4. Parity

While some may not like this feature, many mobile wallets will accept multiple payment providers, but most mobile providers will have joined forces to create stronger offers.

5. Apple

You certainly can’t afford to put all your eggs in one basket, but the likelihood of Apple getting into the payments action is high. And, if it did put its systems together, it ‘the shake up the whole industry boosting mobile payment and wallet use through the roof. Perhaps, it’s down to them to change customer opinion!

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