EPC Issues White Paper on Mobile Wallets
July 8, 2013
The European Payments Council (EPC) issued a new white paper recently exploring mobile wallets and their ability to deliver mobile payments in the Single Euro Payments Area (SEPA). The paper acknowledges mobile wallets’ potential to provide a convenient way to initiate mobile payments but also details challenges that need to be addressed before adoption will rise. The paper looks at interoperability issues, how (and whether) different providers will be able to deliver a consistent consumer experience despite disparate user interfaces, linking mobile wallets to merchants’ wallets and security and authentication.
“Today, mobile wallets are in their early stages of development,” the report concludes. “However its potential success will very strongly depend on its value proposition to the consumers. No one in the payment ecosystem knows how exactly the mobile wallet marketplace will evolve in the coming years. But the offering of additional mobile services (such as ticketing, loyalty, couponing, etc…) next to financial services appears to be potentially important for the value proposition. Consumers need to be motivated to try mobile wallets so that they get convinced that it is secure and ubiquitous.”
The EPC will hear input on its positions taken in the white paper for three months. Respondents are invited to email the completed feedback questionnaire to firstname.lastname@example.org by Sept. 30. Download and read the white paper here .