To get consumers to start using mobile wallets and abandon traditional payment mechanisms, technology companies and brands must ensure that the user experience is exceptional and easy.
So finds new research by Aite Group, which also finds that mobile telephone carriers should consider offering merchants consumer analytics by collecting and storing data and invest in partnerships with loyalty/reward providers to attract consumers to their platform.
Aggregators for white label applications should begin developing NFC-based payment systems, since card-present status and reduced liability will continue to be attractive to merchants.
“Financial institutions should begin partnering with mobile payment vendors to incorporate mobile payments into their mobile banking applications and focus on developing offers and promotions as well as consumer education to convert their mobile banking customers into mobile payments consumers,” says Nathalie Reinelt, analyst in Retail Banking & Payments at Aite Group.
The report, Money Goes Mobile, tracks the evolution of the digital wallet ecosystem, the mobile wallet's growing pains, and the success stories emerging as an industry ripe for change brings together the leaders that can create and deliver robust mobile wallet products.