February 22, 2018
With the rise of the mobile device, digital wallets that enable purchases either in-store, online or in-app have advanced in fits and starts. Various periods of expansion and consolidation in the payment industry and an entrenched legacy payments system in the U.S. has led to lower adoption here than in the rest of the world. But mobile transactions are accelerating and mobile wallets have become an integral, if confusing, technology for most merchants.
A new white paper from the U.S. Payments Forum attempts to give a historical perspective of the state of mobile wallets in the U.S. and what merchants and financial institutions must consider when evaluating implementation.
“For merchants and issuers, there are certain factors to consider when deciding if mobile and digital wallets fit into their business strategy, such as how it will impact the customer experience and what the value will be to their business,” said Randy Vanderhoof, director of the U.S. Payments Forum. “Consumer expectations for commerce continue to change, and merchants are finding new ways to meet those demands. How to meet expectations using basic mobile commerce is quickly becoming an essential consideration in retailer payment acceptance strategies and plans.”