Non-Bank Mobile Payment Providers Rank Highest in Study
Non-bank players are ahead of other rivals in the race to supply consumers with mobile wallets and payment apps, according to a study by Carlisle & Gallagher Consulting Group. “CG does not believe there is just one technology that will win the mobile wallet race,” says consultant Peter Olynick. “We believe the long term winning wallets will have the ability to use multiple transaction technologies.” The consultancy evaluated 20 mobile wallets from diverse industries, including five of the top 10 U.S. banks, merchants such as Amazon and Starbucks, the top four card networks, and tech giants such as Apple, Isis, and Google. Each wallet was assessed according to its retailer acceptance, payment option, transaction range, and speed and ease of checkout experience. LevelUp, PayPal, Square, and Starbucks were at the top of CG’s list, and lauded for their ease of use, wide acceptability, and loyalty enhancements. “Within the next three to five years, 50 percent of current smartphone users will utilize their mobile wallet for typical, daily transactions,” Olynick predicts. “Wallets that see the highest level of adoption will be those that create an intuitive experience while mitigating consumer concerns about privacy and identity theft.”
From “Non-Banks Winning the Mobile Wallet Wars”
Finextra (01/28/13)