Detailed Guide to Mobile Payments: Digital Wallets

The consumer payments industry will process about $2.7 trillion of card-based payments in the US in 2015. This explains why there is a massive amount of mobile-centric innovation occurring in the payments space and why competition for the consumer’s wallet is so intense.

Deva Annamalai, Director, Innovation and Insights, Fiserv


If you are involved in payments industry, you know that the last five years has seen some amazing new technologies finding their way to into mainstream payments landscape. The interest in payments is so palpable that many new startups have emerged to disrupt the status quo. It is not just the new startups that are disrupting the landscape, but even large existing Silicon Valley giants have launched their first foray into payments (Apple) or have rebooted their existing initiatives (Google).

Because of the recent changes in the payments competitive landscape, I thought it would be helpful to evaluate the primary mobile wallet players and new card-based payment devices from a technology adoption perspective to determine how banks and credit unions may be able to benefit from this new wave of innovation.

The solutions to be covered in my two part analysis include:

  1. Apple Pay / Passbook (NFC)
  2. Android Pay / Google Wallet (NFC/HCE)
  3. Samsung Pay with LoopPay MST)
  4. MCX / CurrentC / Paydiant Wallet
  5. PayPal Wallet
  6. Coin Card
  7. Plastc Card
  8. Swyp Card
  9. Stratos Card

Each of the above technologies has strengths and weaknesses. The first five are mobile wallet solutions that enable paying through the phone at the POS as the primary modality of payment. The final four use a standalone plastic device along with mobile phone as a supporting accessory to conduct payment at the POS.

Lets take a look at the first 4 mobile wallets from the list, click on the logo’s below to read the full articles.




google-wallet (1)



Author: Jason Williams

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