Failing model: Plastic Card + App and Card + Wallet Players?

In the last 4 years, a cluster of players in the payments space started combining a modern day tech with a tool that gained popularity in the 90s - a mobile app and a plastic card. These players were trying to overcome the barriers that mobile wallets face (plastic has more acceptance) in the evolving payments industry and enable consumers to make payments anywhere (ah! well). The concept met with some appreciation in the beginning (mainly because of media, social networks and kickstarter campaigns) but lost the plot somewhere down the line. So, what is going on with the Card + App and Card + Wallet players? Let's discuss the challenges these players are facing in the industry.

Google Wallet Card:

Google launched Google Wallet in 2013 amidst fanfare and had some cool features such as integration with Gmail to send and receive money using the Web, Gmail or an app. Along came a p ...

To continue reading, sign up for MEDICI Inner Circle and get free access for 30 days.
100,000+ FinTech professionals trust MEDICI Inner Circle to stay up to date on the latest in financial services.