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US Mobile Wallet Market Insight

Mobile wallets mportant in delivering comprehensive mobile payment services to consumer


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2014-04-30 09:33:02 - US Mobile Wallet Market Insight - a new market research report on companiesandmarkets.com

Adoption of mobile banking and mobile payments continues to increase rapidly in the United States. Mobile wallets have emerged as an important technology to deliver comprehensive mobile payment services to consumers. .Mobile wallets are part of the overall mobile financial services market. They fall under the category of "mobile payments" and are especially used for local and remote mobile payments.
A mobile wallet is an on-device mobile application that allows the consumer to use their phones for local and remote payment transactions. However, most mobile wallet applications are designed to be used for many other applications, including ticketing, couponing, payments, offers and marketing, and banking. According to the Mobey Forum, an industry association for financial institutions operating in mobile financial services,

 

 

a mobile wallet is a functionality on a mobile device that can securely interact with digitized valuables (or digital assets). There are several non-application-based mobile mechanisms that can be used to provide mobile wallet services. For example, short messaging service (SMS) or Unstructured Supplementary Service Data (USSD) can be used to provide mobile wallet services (such as mobile payments). Therefore, by considering mobile wallets as a set of functionalities, all these non-application-based implementation types can and should be considered. A "digitized valuable" can include both financial and non-financial assets. Therefore, it is important to develop open mobile wallet implementations that will allow consumers to store and manage various types of digital assets (or credentials) on their mobile devices or using cloud computing.
Leveraging the benefits of a connected and converged mobile experience to bring in efficiency, transparency, and security to different types of payment methods is the main driving force behind present m-wallet initiatives. From a consumer perspective, it is important to deliver clear, tangible benefits with m-wallets that can differentiate mobile wallets from plastic cards-based payments.
Near Field Communications (NFC), as well as barcodes and quick response (QR) codes are the two main approaches used in the United States for local payments. Non-NFC-based implementations may have taken a small, early lead in the US mobile wallet markets. However, Isis -- the NFC-based mobile wallet initiative that is backed by three out of four tier-I mobile operators in the United States -- is expected to become a popular mobile wallet offering in the next three to five years. There are several ways in which mobile operators can help drive adoption of Isis. This includes providing marketing support and ensuring that NFC handsets are made available to consumers on attractive terms. Other "hybrid" types of implementations are also being evaluated, in order to combine the features of NFC and secure cloud computing to deliver innovative mobile payment services.

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