M for Mobile Says: The Merchant Customer Exchange on the Take-up of Mobile Wallets

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The mobile wallet is coming. Big Banks, telecom giants, retailers and the likes of Apple, Google and PayPal are looking to digitize our wallets.

With the global mobile-payments market expected to reach $617b by 2016 (Gartner), it’s no surprise big players are bullish. But nobody really knows what the ultimate mobile wallet will look like, who will control it, and whether or not people will use it.

With so many competing technologies, standards and players, it’s impossible to say which company, or combinations of companies, will win out.

Dodd Roberts, a senior executive with Merchant Customer Exchange (MCX), says: “Acceptance at places that consumers want to use a wallet is critical. You can have the greatest mobile wallet in the world, but if you can’t use it anywhere, it’s not very beneficial.”

Launched in 2012 with the goal to create a widely accepted mobile-payment solution, MCX is backed by many large US retailers including Walmart, Target, CVS, Lowe’s, Best Buy and Sears.

The market is really fragmented right now, and that’s an obstacle to adoption, Roberts says. “MCX is providing a wallet that will allow consumers to buy coffee, fill up with gas, buy groceries and run other errands using the same wallet with the same experience wherever they go.”

But for mobile wallets to really catch on they must offer more than payment services, he adds.

“Today consumers have information in several places, from a coupon in their pocket, to a card in their wallet, to a list on a piece of paper. To consolidate that into one object they always carry – that’s pretty powerful.

“We haven’t said yet when we are launching, but hopefully we’ll be talking more about that in the near future.”

To learn more about mobile wallets, see the full interview with MCX’s Dodd Roberts alongside representatives from Dell, Consult Hyperion and Bank of America in this brand new briefing on the future of mobile wallets produced by M for Mobile.

Download the full 12 page mobile wallet briefing here for free: http://tinyurl.com/dykswvz

George Kiley, Chief Editor, M for Mobile says: “Commissioned alongside the Wallet Wars conference, this paper provides invaluable insight on the mobile wallet, stumbling blocks to mass user adoption, and perspectives on where the market is heading over the next 24 months.”

The Wallet Wars Conference (May 8-9) brings together players from across the mobile wallet ecosystem including McDonald's, Microsoft, Blackberry, AMEX, Visa, Kroger, Citi, Wells Fargo, JPMorgan Chase, Dwolla, Sprint, Verizon, LevelUp and loads more, to discuss the ultimate mobile wallet.

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George Kiley
M for Mobile
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