Digital wallets will process all the money on earth by 2025

Another presentation that surprised me in Oslo came from Tor Jacobsen, CEO of TSM Nordic.

It surprised me as I had no idea about TSM, a mobile wallet provider owned by Telenor and DNB – Norway’s biggest mobile network operator (MNO) and biggest bank – and will launch in the Norwegian market later this year under the brand name ValYou.
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Why are wallets failing?

January saw the curtailment of the first big mobile wallet to hit the market following news from O2 that is was withdrawing its service. With a lifespan of just 18 months, the O2 wallet was the first MNO wallet to make a noise in the marketplace and actively promote its services to consumers. So why did it fail?
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The Great Digital Wallet Technology Race

Will NFC or Cloud-based apps prevail? As debate centers on that question, alternatives lurk behind the scenes.

So, where are we with the much-ballyhooed digital wallets?

If there’s an overriding theme to this technology space, it’s disagreement. For starters, there’s little consensus on what actually constitutes a digital wallet. Features vary from wallet to wallet and there’s no dominant brand in this field. In fact, many of the biggest players are completely unknown to the average consumer.
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Mobile Wallet – A long way to go

Last evening I threw a party at a popular pizza joint, in celebration of my promotion. At the checkout, I realized to my horror that I had left my wallet at home and had neither cash nor card to pay with. I had to borrow money from a friend to settle the bill. Had this restaurant signed up for a mobile wallet service, I wouldn’t have faced such embarrassment. With the growing numbers of smart phone users and tech-savvy population across the world, mobile wallet adoption should have been a done deal; yet, we continue to carry physical wallets. The reason is that there are a number of bottlenecks hindering adoption by both merchants and consumers.
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Digital wallets will save us!

When you leave your home or apartment in the morning, you might pack up a small bag of whatever you need for the day, which might change daily. But what doesn’t change is the three things you always have, and that’s your keys, mobile device and wallet. They are three essentials we can’t function without.

Fortunately, at least two out of the three are going away. Many locks for homes, businesses and doors are keyless, using a touchpad or buttons. And wallets as we know them are going digital, too. This means all we’ll be left with is our Smartphone!

Read more at Finextra

Digital wallets will save us!

I Really Want My Phone to Be My Wallet

Wallets suck. Seriously. Mine hurts my butt when I sit down. I have to remember to take it with me, and then I’m always afraid of losing it. There’s nothing fun about it. And…well…it’s dirty. It really is—money is dirty, and the cards you hand to people with dirty hands that handle dirty cards all day are dirty. Can we please just use our mobiles as wallets?
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Are mobile wallets being made by the wrong people?

The leaders in mobile wallet technology? Undoubtedly retailers.  Starbucks and McDonald’s are already building these wallets in response to customer demand.  But with mobile wallet use predicted to rise in 2014, should banks or mobile operators—who are better positioned to offer levels of security customers expect—be building them instead?
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The Future is All About the Data

This is a complimentary chapter from Digital Bank: Strategies to Launch or Become a Digital Bank, a new book from Chris Skinner, one of Europe’s foremost authorities on banking.

There are a range of trends impacting payments and transaction servicing culminating in radical changes to the whole way we think about banking and money. In part, these changes are being forced on the industry through regulatory agendas of politicians but, in larger part, these changes are being required by customers and corporates as technology changes relationships with their financial providers. This paper looks at the outcome of such changes and finds that financial institutions will be radically restructured around data assets within the next decade to cater for these new world needs. During the past five years, almost every conference on banking and payments talks about mobile and tablet computing. This is because everyone thinks mobile is the hot space today, which it is, but it won’t be in the near future. Very rapidly, the device focused dialogue will move on to the Internet of Things as everything gets Intel inside.
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American Consumers Dubious About Mobile Wallets

Researchers say U.S. consumers don’t understand the benefits of mobile wallets.

Over 64% of US consumers say that they would never use a mobile wallet, according to recent research carried out by Consult Hyperion.

Consumers were asked who they would trust most to issue a mobile wallet: banks, phone companies, Google or major retailers or no one. The most trusted issuers were banks at 20%, followed by Google at 10%, retailers such as Walmart at 3% and phone service providers at 2%.
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Why Digital Revenue is Absolutely Critical for Banks

Mobile use is exploding in the banking scene. If you are a retail bank today in the developed world and you don’t have an app for your customers, you are increasingly becoming an exception. Certainly almost every bank in the world today has some form of Internet website and Internet banking capability. However, for most banks, the web and mobile are considered costs – platforms that certainly improve service levels, and lower costs of servicing customers, but that are a net cost to the business.
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