Transforming the Customer Experience: The Promise of Mobile Wallets
Mobile wallets are a fundamental building block of Universal Commerce. They are the means for consumers to transact business and make payments electronically—anytime, anywhere. Furthermore, mobile wallets can support exciting new functionality that could never be offered by a leather wallet—including automatic loyalty point redemptions and location-based marketing offers. Mobile wallets promise to transform much more than just payments: they provide a customizable platform for merchants and financial institutions to create richer customer experiences and deeper client engagement.
This paper discusses what a mobile wallet is, what it can do, some common implementations based on available technologies, and what merchants and financial institutions should be doing right now to take advantage of market opportunities.