Consumers would choose mobile wallets provided by banks over other non-traditional mobile wallet providers, according to Auriemma Consulting Group’s (ACG) lastest Mobile Payments Report.
ACG’s report found that 18.4% of consumers would choose a mobile wallets provided by a bank (American Express, Barclays, Lloyds TSB, etc.), while 11.6% of consumers would prefer mobile wallets from digital/mobile payment providers (PayPal, Skrill, Neteller, etc.), and 9.5% would get their wallets from mobile operators (O2, Vodafone, etc.). Only 5.1% of consumers said they would acquire wallets from external providers like Google, Apple and Facebook.
“The mobile wallet is poised to gain strong momentum and usage over upcoming years, so in order to
capitalize on the strong consumer interest, banks will need to consider their preferred path moving forward in this space,” said ACG. “Banks can either invest in the development of proprietary mobile wallets, or partner with existing mobile wallet providers to serve as a funding mechanism for the wallet. Non-traditional providers, conversely, need to either prove their experience within the financial services space or partner with existing payment providers.”
According to the survey, 72.7% of consumers who want a mobile wallet will make their decision based on their trust in the provider, and 62.0% said they will decide based on their existing relationship with the company.
A further 52.9% indicated that it was important for the provider to have past experience in the financial services space, and 52.1% of prospective users said they would factor in the features and benefits offered on the mobile wallet. 38.0% said they would make their selecion based on brand loyalty, and 33.6% said they would decide based on reviews and ratings of the mobile wallet.
“The key to the success of the mobile wallet is to deliver a product that serves a clear purpose and
delivers on a consumer need,” said Matt Simester, Managing Director at ACG. “In addition, banks will
need to find ways to monetize the mobile wallet, to ensure it becomes financially viable in the long-term.”