Mobile Wallet App Competition Stiffens

Mobile has become such a big market that the largest enterprises, credit card companies and banks have teamed up with software developers to launch digital wallet applications. Users see the advantage of digital wallets – the ease of use and efficiency of mobile payments could make a physical wallet a thing of the past. But what digital wallet apps are consumers using? There are dozens of choices when it comes to wallet mobile apps. Here are a few:

  • Google Wallet
  • PayPass by MasterCard
  • V.me by Visa
  • PayPal
  • Square

So, is there a leader? A recent PCWorld article by Adam Bender suggests not yet, but perhaps in the short-term one will emerge:

“At the end of the day, consumers won’t want to carry too many wallets.” The winner will be the wallet that is “accepted by all major merchants,” he said. “Open and ubiquitous acceptance are the two key words that will eventually win the battle.”

…Kalra said with many concerned about personal privacy, winning trust is key. “Who will consumers trust to keep their information secure?” Banks could have an advantage in that game, he said.

All the panelists agreed that digital wallet makers will have to add functionality beyond payment to win customers.

In order to emerge as “the” top player in the mobile payment space, the app will have to be the most secure. When your collecting financial information from a user, it is absolutely necessary that the app has gone thorough real-world security tests done by white hat security experts. In addition, the wallet app will need to be agnostic to merchant, platform, carrier, device and OS.

As mentioned in the article, functionality is key. Mobile users always want more. Coupon, price comparison, and financial advice add-ons will play a big part in the digital wallet market.

Have you used a mobile wallet app? If so, what did you like and what could have been better? Share your thoughts in the comments section.

 

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