The paper from Mobey Forum, the global bank-led industry association defining a prosperous mobile financial services ecosystem, also aims to bring clarity to the sector by identifying market drivers and offering definitions for ambiguous terminology.
This is the first in a series of papers that provide the industry with a new level of thinking on what is required of stakeholders to facilitate widespread market adoption of the mobile wallet. The paper analyses three success factors and explains that simply migrating the capabilities of a traditional wallet to a virtual environment, would drastically limit consumer appeal. The organisation believes it is crucial that the mobile wallet provides consumers with ‘rich content’ such as loyalty schemes and voucher offers, that add value to both users and mobile marketers.
The document, developed by the Mobey Forum Mobile Wallet Task Force, will be of interest to all financial institutions, mobile network operators, handset manufacturers, operating system providers and any technical vendors operating in the near field communication environment.
Gerhard Romen, Chairman of the Mobile Wallet Task Force of Mobey Forum and Director of Mobile Financial Services at Nokia, said: “The recent deployment of mobile wallets is an encouraging indication that the market is coming together to enable this technology. There are already numerous definitions for ‘mobile wallet’ within the industry, so Mobey Forum felt it was important to offer a neutral voice and provide some clear definitions, alongside a considered view of how the market is likely to develop.
Sirpa Nordlund, Executive Director of Mobey Forum, adds: “The adoption of the mobile wallet is critical to the global acceptance of mobile payments. The banking industry is key to enabling and facilitating mobile payments. It is now essential for banks to collaborate with other stakeholders to understand and define their role in the ecosystem.”
To download the Mobile Wallet – Definition and Vision white paper without charge,
visit Mobey Forum