Almost half of American consumers (48%) wish to use a mobile
wallet and would consider alternative providers for banking
services, according to a study published by financial research firm
Carlisle & Gallagher Consulting Group (CG).
Peter Olynick, CG’s Card & Payments practice leader,
estimates that “within five years, half of today’s smart phone
owners will be using their phones and mobile wallets as their
preferred method for payments”, causing banks to loose market share
in the future if they don’t act now.
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“The competitive threat from new entrants is real. Consumers are
open to considering alternatives to their primary banks to provide
mobile wallets and even core banking services,” said Olynick.
“Banks need to proactively consider how their products
will stay ‘top of wallet’ in the new mobile wallet world,” he
said.
Among the mobile wallet enthusiasts identified by the survey,
80% said they would choose PayPal as their m-wallet and primary
bank alternative, if it offered banking services.
Google would be an option for 60% of them. 60% of consumers also
expressed interest in an m-wallet provided by Apple, although the
company does not offer such services.
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By GlobalDataMinimising interest payments, maximising loyalty programme usage
and having the ability to make better payments were rated as the
most valuable advantages of digital wallets services for consumers.
Other consumers said they believe m-wallets make shopping easier,
faster and more fun.
