Comments
How to Make The Jump from Mobile Commerce to Mobile Wallets
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Byurcan
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Byurcan,
User Rank: Author
2/26/2013 | 3:55:34 PM
re: How to Make The Jump from Mobile Commerce to Mobile Wallets
Like Heindl says, I don't see mobile (or digital) wallet usage really picking up for several years. New technologies are always slowly adopted at first before finding widespread use. Whether mobile wallets will find that remains to be seen.
Cara Latham
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Cara Latham,
User Rank: Apprentice
3/7/2013 | 2:06:50 PM
re: How to Make The Jump from Mobile Commerce to Mobile Wallets
I think mobile (or digital) wallet usage will still need a little while longer to catch on, but I think it will be earlier than several years. Personally, my biggest concern is security, followed by convenience. If you can convince me that I am absolutely safe using a mobile wallet, I would be more inclined. Couple that with making it as easy (as Mike Heindl suggests) as using plastic, and I would totally be on board in a heartbeat.

After all, it isn't unusual for me to go to a restaurant with friends and have to divide the payment four ways on a credit card since none of us carry cash at all. I would think many people encounter the same problem. Imagine if there was something we all could do with our phones that would instantly solve the problem?
jspits
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jspits,
User Rank: Apprentice
2/26/2013 | 5:12:10 PM
re: How to Make The Jump from Mobile Commerce to Mobile Wallets
His comments about what banks need to do are interesting. It doesn't sound like he necessarily expects banks to be offering m-wallets directly, but they should be aligned somehow with those who do? [Note: from Kathy B, somehow my profile has been "hijacked"]
Cara Latham
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Cara Latham,
User Rank: Apprentice
2/27/2013 | 3:09:44 PM
re: How to Make The Jump from Mobile Commerce to Mobile Wallets
This point, I think, is the heart of the reluctance to getting customers to convert to m-wallets entirely: GǣCustomers want to deal with financial institutions. They donGt trust
the new entrants [to handle their money]." I do think that banks who strengthen their relationships with their customers will put themselves in a better position to capitalize on the opportunities with mobile wallets. The more frequent the communication with the customers -- and the more informative -- the better the chance that a a more trusting relationship can be fostered. Thus, the better chance you have of encouraging users who are still worried about third-arty apps accessing their information to sign onto the idea.
Melanie Rodier
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Melanie Rodier,
User Rank: Apprentice
3/4/2013 | 4:18:23 PM
re: How to Make The Jump from Mobile Commerce to Mobile Wallets
Trust is definitely one of the key issues here. Consumers are much more likely to go with their trusted financial institution than with a new entrant. Unless the new entrant partners with a well-known bank, and the bank is the brand name behind the mobile wallet. But even then, mobile wallets still have to provide a real added benefit, beyond knowing if you are going to typically pay with your credit or debit card. It will be interesting to see new, truly innovative solutions entering the market.


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