Simply providing consumers with mobile wallet technology will not be sufficient to drive mass-market adoption, asserts Mobey Forum in a new white paper.
In “Mobile Wallet – Definition and Vision,” the bank-led mobile industry association advocates taking a “holistic” approach to driving adoption, centered on innovations in mobile marketing. Mobey Forum says it is also “essential” for banks to collaborate with other stakeholders to understand and define their role in the ecosystem.
According to Mobey Forum, the paper analyzes three “success factors” and explains that simply migrating the capabilities of a traditional wallet to a virtual environment will limit consumer appeal.
The paper also aims to provide a new perspective on what will drive consumer up take and highlights how industry stakeholders need to work together to extend the user experience beyond that of a conventional wallet.
This paper, developed by the Mobey Forum Mobile Wallet Task Force, will be the first in a series intended to inform the industry on what is required of stakeholders to facilitate market adoption of the mobile wallet. The paper is targeted toward financial institutions, mobile network operators, handset manufacturers, operating system providers and any technical vendors operating in the NFC environment, says Mobey Forum.
The free paper is now available to download from Mobey Forum’s Web site.