Tag: mobile wallets

Mobile wallets could replace traditional wallets

| May 27, 2014

Mobile applications are beginning to play a major role in commerce

Mobile wallets may soon be in a position to replace their traditional counterparts. Mobile technology is becoming an increasingly integral part of society, and many people are beginning to rely on their smartphones and tablets in their daily lives. This means that mobile devices are becoming repositories of consumer information, including financial data. These devices are also storing information coming from businesses, such as digital coupons and other such offers from retailers and other organizations.

Mobile wallet applications are becoming more common among consumers of all kinds

Mobile wallets are simple applications that are designed to store financial information, making it easier for consumers to purchase products online and at physical stores from their mobile devices. These applications have become somewhat popular among consumers, but no single application has managed to win the favor of the majority of people in any given demographic. Consumers favor moving from one application to the next, making use of multiple apps that suit their needs effectively at any given moment. Some, however, have settled on the apps that they find most useful, keen to make use of these mobile wallets more than they use traditional forms of currency and credit cards.

Starbucks shows off how mobile apps can be used to generate more commerce activity

mobile wallets Starbucks is, perhaps, one of the best examples of the success that a company can find in engaging mobile consumers with wallet applications. Approximately 14% of all transactions made at Starbucks stores come from mobile devices, according to the company’s CEO, Howard Schultz. These transactions are coming from the company’s own mobile application, which is designed to facilitate mobile payments.

Some companies are having trouble finding a foothold in mobile commerce with their own wallet applications

Other companies working to find success in the mobile commerce space have had trouble finding traction with their mobile wallet applications. Google is one such company. In the early days of Google Wallet, the platform was crippled by security issues that drove consumers to use other applications. Other organizations have faced similar problems, as well.

Lack of interest in wallet platforms is impacting mobile payments

| May 1, 2014

Consumers have little interest in mobile wallets, seeing them as relatively useless

In the U.S., consumers are finding the concept of mobile wallets difficult to understand. For several years, people have been using their smartphones and tablets for a variety of activities, including hailing cabs, purchasing products online, and reviewing products and services that they are interested in. For the most part, mobile wallets are never used for such activity, which has left many people wondering why these platforms are being so heavily promoted by companies participating in the mobile commerce space.

Wallets may not offer consumers the services that they are interested in using on a daily basis

Mobile wallets are quite straightforward in their purpose. These platforms are meant to serve as digital counterparts to physical wallets. As such, they store the financial information of their users as well as a wide variety of other digital content. All of this information can be easily accessed by users of mobile devices, but this convenience has done little to wind over the hearts of consumers. Those finding mobile wallets unnecessary are not able to see what these platforms offer than traditional wallets do not.

Falling support for wallet platforms may have a negative impact on mobile commerce

lack of interest negatively impacts mobile paymentsThe relative malaise that people seem to have with mobile wallets has had an impact on mobile payments. Many companies specializing in mobile commerce have placed their hopes on mobile wallets. If these platforms are not being used, consumers are not likely to be making mobile payments. There are mobile commerce services that are not associated with wallet platforms, but many of the largest companies working in this sector are pushing for consumers to embrace the concept of mobile wallets.

Merchants are showing relatively low interest in mobile wallet platforms

Consumers are not the only ones that are showing disinterest in mobile wallets, of course. Merchants also have yet to be won over by the capabilities of wallet platforms. Many of these merchants are somewhat interested in mobile payments, but are not willing to support wallet platforms in order to accommodate mobile consumers.