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Mobile Wallets: With the New Mobile Network Operator Joint Venture Isis, Are Cards and Cash Ready to Go Mobile in 2011?
Javelin Strategy & Research, Jan 2011, Pages: 42
A number of recent mobile payments announcements have renewed the question about when cards and cash will “go mobile”: Google brought out the Nexus S, the first NFC-enabled mobile phone in the U.S. The mobile network operators AT&T, T-Mobile, and Verizon announced the formation of their joint venture (JV) Isis, which will utilize Discover’s payment network and Barclaycard as its first issuer. Concurrently, Visa has certified DeviceFidelity’s microSD NFC solution, and four of the five top U.S. banks are piloting this technology. Meanwhile, merchants such as Starbucks are exploring a competing technology, 2D bar codes.
Financial institutions (FIs), merchants, mobile network operators (MNOs), payment networks, near field communication (NFC) chip manufacturers, and mobile payment vendors all have a vested interest in the deployment of NFC -enabled mobile wallets, an application that essentially turns a mobile phone into a wallet that can carry payment instruments and a host of other applications such as loyalty programs, coupons, ticketing, transit, memberships, and entry keys. The market is still nascent in the U.S. as well as other parts of the world, and many barriers exist for widespread adoption to occur. This report provides an overview of the key issues that need to be overcome, outlines the models that are being developed, and analyzes the major contenders in the ecosystem.
Primary Questions
- What are the primary hindrances to mobile wallet deployment, and what could clear the path for a more comprehensive deployment?
- What do FIs, wireless carriers, consumers, and vendors desire from mobile wallet deployment?
- How should FIs market mobile wallet functionality?
- How many consumers are likely to adopt mobile contactless in the U.S.?
- What lessons from non-U.S. markets can be applied to the U.S.?
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