January 16, 2014
This article is the third installment of Let’s Talk Payments’ US mobile wallet analysis series. Check out parts 1 & 2 here:
We discussed the evolution of mobile wallet in the first part of this series. We looked at some great start-ups, but also some failures and partial successes. In the second article, we looked at success factors and an evaluation framework for predicting winners. Merchant acceptance, solution cost and functionality, user acceptance and wallet company credentials, and future potential are what we found to be the drivers of success. In this article we look at the current mobile wallet ecosystem in the US. The following are the mobile wallets we are focusing on as we evaluate them for rankings.
The mobile wallet industry is in an early acceptance phase, with the U.S. currently being the home to more than 70 mobile wallet operations. The mobile wallet ecosystem is dominated by more than 40 technology players, followed by payment processing firms. Banks, mobile carriers and big retailers have also entered the mobile wallet space, with some such as Starbucks, Dunkin Donuts and Isis making a strong impact already.
In our endeavor to aid understanding in this space, the LTP team is working on a wallet landscape analysis called LTP Mobile Wallet Rankings. We plan to come up with an independent, expert-led Top 7 list for the US based on extensive analysis and research. If you would like your company or mobile wallet venture to be considered in our analysis, please feel free to reach out to us through our Contact Form.
Part 1 - Mobile Wallet Analysis (Part 1)
Part 2 - Mobile Wallet Analysis (Part 2)