December 22, 2015
Why do we have so many mobile wallets?
New mobile wallets are being announced one after another nearly every month. While the payments industry should logically move towards an integrated seamless customer experience, it is getting more fragmented. The LTP team performed a deep analysis of the mobile wallets market and the way it evolved since its inception.
There are at least 100 mobile wallets in the US market with new ones getting added at a frequency of several months. The most recent ones are Wal-Mart and Target, which shook up the MCX foundation by announcing their own mobile payment systems. Here are some of the examples of mobile wallets the LTP team has assessed previously.
Source: Mobile Wallet Analysis (Part 3), 2014
Mobile wallets started getting launched in 2010 with the growing penetration of smartphones across the US. Since then, market players started looking at replacing plastic cards with always-on, ubiquitous mobile devices. Given that in Q3 2015 30% of the global online tra ...