Non-Banks Take Early Lead in Mobile Wallet Race
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User Rank: Author
1/29/2013 | 3:34:45 PM
re: Non-Banks Take Early Lead in Mobile Wallet Race
-Good point, despite the general negativity surrounding people's perceptions of banks, most surveys say consumers still trust their bank with their finances rather than Apple, Google, etc. Bank's probably don't feel like they have to be early innovators on the mobile wallet, and can instead wait and see when the dust settles what types of mobile wallets become preferred and go from there, although that's not to say banks aren't offering this kind of product, some have begun to.
User Rank: Apprentice
1/29/2013 | 1:44:32 AM
re: Non-Banks Take Early Lead in Mobile Wallet Race
Could it be that the banks are biding their time? If my bank had a mobile wallet/mobile payments solution (beyond bill pay, but true merchant and online/e-commerce payments) that worked at a majority of the merchants I frequent (from coffee shops and grocery stores to gas stations and movie theaters and department stores), I'd be all over it. Because I'm pretty sure my bank's going to be around, I feel I'm at least one less step removed from the financial entity, and they have a bit of a stake in my relative success as a consumer. All of these other players just seem to want a piece of me -- that piece being my data and behavior.
Nathan Golia
Nathan Golia,
User Rank: Author
1/28/2013 | 4:51:57 PM
re: Non-Banks Take Early Lead in Mobile Wallet Race
Seems like what these companies have in common isn't just that they aren't banks G rather, it's all companies who grew up on the web or with a critical mass of web-savvy customers. One of the challenges in innovating is finding reasons to shed the old ways G traditional FIs with older customers weren't pressured in the same way Square and others were early on with an expectation of a particular online experience.

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