{"id":28189,"date":"2017-06-14T04:00:00","date_gmt":"2017-06-14T08:00:00","guid":{"rendered":"https:\/\/goebt.com\/https-blog-cdesolutions-com-2017-06-an-eye-on-digital-wallets\/"},"modified":"2025-04-02T13:15:44","modified_gmt":"2025-04-02T17:15:44","slug":"an-eye-on-digital-wallets","status":"publish","type":"post","link":"https:\/\/goebt.com\/an-eye-on-digital-wallets\/","title":{"rendered":"An Eye on Digital Wallets"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p><em><strong>The future of cash payments has been a hot topic in the payments and fintech industry for quite some time now.<\/strong><\/em>\u00a0 Over time, innovators have created a number of alternatives for consumers to use as payments in their daily transactions.\u00a0 However, mobile payment adoption has grown slowly and consumers have not become completely comfortable with card-not-present- transactions. \u00a0Despite the challenges, creating a digital wallet that consumers will use has been a focus for many brands.\u00a0 While digital wallets have remained a topic of discussion, very few players in the payments space have been successful at providing a digital wallet solution that sticks.<\/p>\n<p><!--more--><\/p>\n<p><strong>Landscape<\/strong><\/p>\n<p>Our increasingly mobile society naturally gave way to the desire for convenient ways to shop and spend money.\u00a0 Since the average consumer is already accustomed to carrying little to no cash, the \u201cvirtual wallet\u201d seems like a simple and logical solution.\u00a0 The early introduction of mobile payments with smartphones and NFC, such as Apple Pay and Samsung Pay opened the doors for further innovation in the mobile space.\u00a0 Now, retail chains and financial institutions alike are developing their own proprietary wallets for download and usage.\u00a0 These wallets continue to evolve from just methods of payment to fully integrated ecommerce and banking platforms, some even storing loyalty and rewards data.<\/p>\n<p>In more recent years, businesses all over the world have released their versions of a mobile wallet app.\u00a0 Many of these organizations abandoned the efforts after some time due to low consumer adoption and\/or difficulty creating the ideal technology.\u00a0 Still, fintech professionals haven\u2019t given up hope and despite reluctance, mobile wallet usage is on an upswing.\u00a0 From 2014 to 2015, usage increased over 50%.<\/p>\n<p>While the long road to widespread acceptance of mobile wallets might lead some to believe that consumers are generally objected to the mobile payments trends.\u00a0 However, studies show that demographics make all the difference when considering mobile wallet download and usage. \u00a0A survey by Thrive Analytics showed that Millennials are more likely to embrace mobile payments after 3 out of 4 people under 40 reported that they carry no cash at all.\u00a0 In addition, the survey found that 60% of all mobile wallet users are males.<\/p>\n<p><strong>Challenges<\/strong><\/p>\n<p>Creating, launching and maintaining a mobile wallet application is not easy.\u00a0 The organizations that decide to offer the technology to consumers are committing a great deal of time and effort into trying to make it work.\u00a0 There are several key challenges to mobile wallet acceptance:<\/p>\n<ul>\n<li>Alleviating customer fear<\/li>\n<li>Developing a desirable user interface and experience<\/li>\n<li>Maintaining data security and PCI compliance<\/li>\n<li>Competing with ecommerce shopping and developing integrations<\/li>\n<li>Continuously changing consumer habits and expectations<\/li>\n<li>Merchants who don\u2019t have the right technology to accept mobile payments<\/li>\n<\/ul>\n<p>Even after creating the latest and greatest in mobile wallet technology, companies are left with the difficult task of marketing the product to consumers and getting them to buy in fully.\u00a0 In a technological world where the average consumer is always looking for the next best thing, a company\u2019s best bet is to air on the side of innovation and keep working to optimize their mobile solution.\u00a0 As the mobile wallet adoption rate continues to rise, fintech and payments organizations should always be thinking of the best way to create secure, reliable, and user friendly mobile wallets.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; The future of cash payments has been a hot topic in the payments and fintech industry for quite some time now.\u00a0 Over time, innovators have created a number of alternatives for consumers to use as payments in their daily transactions.\u00a0 However, mobile payment adoption has grown slowly and consumers have not become completely comfortable [&hellip;]<\/p>\n","protected":false},"author":244,"featured_media":28190,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[1],"tags":[227,205,217],"class_list":["post-28189","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-important-announcement","tag-best-practices","tag-industry-news","tag-technology"],"_links":{"self":[{"href":"https:\/\/goebt.com\/wp-json\/wp\/v2\/posts\/28189","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goebt.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goebt.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goebt.com\/wp-json\/wp\/v2\/users\/244"}],"replies":[{"embeddable":true,"href":"https:\/\/goebt.com\/wp-json\/wp\/v2\/comments?post=28189"}],"version-history":[{"count":2,"href":"https:\/\/goebt.com\/wp-json\/wp\/v2\/posts\/28189\/revisions"}],"predecessor-version":[{"id":31102,"href":"https:\/\/goebt.com\/wp-json\/wp\/v2\/posts\/28189\/revisions\/31102"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/goebt.com\/wp-json\/wp\/v2\/media\/28190"}],"wp:attachment":[{"href":"https:\/\/goebt.com\/wp-json\/wp\/v2\/media?parent=28189"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goebt.com\/wp-json\/wp\/v2\/categories?post=28189"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goebt.com\/wp-json\/wp\/v2\/tags?post=28189"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}