The markets for each type of digital wallet (i.e. online and mobile) continue to present their own unique challenges and opportunities for payment providers. While there is no right or wrong way for players to enter or operate in the space, a number of key lessons have emerged.
Plan your strategy by understanding the key challenges and lessons facing digital wallet providers using our objective insights.
Gain insight into what regulators and industry bodies are doing to guide development within the space.
See how Starbucks is leading the way in product design and the key lessons it offers in the provision of mobile wallet services going forward.
Learn about the threat wearables pose to the mobile wallet market and how developments in this space stand to influence market dynamics.
What strategies are digital wallet providers currently employing, and what key lessons do they highlight for future players?
What are the key challenges facing the digital wallet market? What can be done to tackle them?
How can digital wallet providers effectively overcome consumer concerns regarding security?
Given the high interest, high investment nature of the digital wallet market, we envisage a continued rise in the number of established and emerging players entering the space. It remains a widely held view among industry participants that once the hiccups being experienced have been ironed out, the market will take off.
While having an established brand stands to work in any digital wallet providers favor when it comes to potential adoption, other elements such as value proposition, user experience, security, and ubiquity will also play a crucial role in making one digital wallet more successful than others.
Wearable technology is being widely touted as the next big evolution of digital payments. While the use of wearables as a payment tool has further streamlined the customer checkout experience, the space faces similar if not greater value proposition challenges to mobile wallets.