Mobile Payments: Wallet in the Cloud or Pie in the Sky?

Jan 23, 14 Mobile Payments: Wallet in the Cloud or Pie in the Sky?

Open Mobile Media have released a report on the subject of mobile commerce, detailing how ‘digital wallets’ could help put retailers and banks directly in touch with their customers.

The report outlines the benefits of mobile wallets, which include improved customer loyalty and personalised communications. However, it is clear that retailers and banks are sceptical as to whether consumers will adopt this new technology, with very little uptake as of yet. Plus, there is the added complication of the multiple platforms that are available – from NFC to Bluetooth – meaning a seamless payment experience is difficult to come by.

There are also insights from MCX, Home Depot, Google Wallet and American Express contained in the report. They discuss how mobile phones will change the online payment ecosystem. They debate how to tackle the various technologies on the market to help businesses and brands prepare their strategy for the widespread adoption of the digital wallet.

You can download and read the full report here.

photo credit: Jason A. Howie via photopin cc

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