Financial institutions planning to launch mobile wallets in the future should expect the market to be fragmented and contested, Mobey Forum stated in its recently published paper entitled, ‘Structures and Approaches: The Changing Face of the Mobile Wallet.’
The financial industry forum outlined the key considerations financial institutions should take into account when selecting a mobile wallet structure, and some of the restrictions they could face in implementing a solution.
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The paper stated that, in the short-term, the majority of banks attempt to develop their own proprietary wallets independently but these are often limited in their services.
Financial institutions will only seek to collaborate with other stakeholders when a secure element is required and core functionalities are difficult for them to accomplish alone.
Jordi Graus, chair of the Business Workgroup at Mobey Forum, said: "The number, breadth and variation of mobile wallet solutions set to come to market is going to make getting to grips with the technology a challenge for the end-user."
"Decisions taken now will have a significant bearing on the value they are able to deliver to customers and, in a crowded market, value will be the key to earning the loyalty of end-users."
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By GlobalData
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