Visa and PayPal top the list of consumers’ preferred mobile wallet providers at 15 percent and 13 percent, while mobile network operators Verizon and AT&T (with the Isis wallet), and Apple, are close behind, according to a report from Javelin Strategy & Research. To become a valued mobile wallet provider, consumers consider three main factors – trust, innovation, and privacy. A balanced approach of the three is more important to consumers, the report found.
The study also indicates that, while mobile payments and mobile POS purchasing experienced little adoption, there is a growing pent up demand from consumers as new mobile devices and technologies enter the market. Over 60 percent of mobile bankers are likely to adopt a mobile wallet in the next 12 months.
Providers will also have to determine which mobile point-of-sale technology – NFC, cloud, and bar code – to use. In the near-term, bar codes and cloud-based wallets are expected to proliferate, as they do not require mobile phone upgrades or merchant investments in terminals and systems. With Apple’s iPhone 5 coming soon and other new devices following the iPhone, it is expected that NFC chip technology will prevail as it offers the convenience of paying with a simple tap or wave of the phone.
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