Current Situation
Mobile wallets don’t have to be aligned with card payments. Increasingly, we are seeing the rise of ewallet payments, which enable transaction that draw directly from a bank account or a prefunded wallet. These transactions avoid the branded card networks.
Goals and Objectives
Wallets will move from living largely in ecommerce sites for credential storing to being used in-store. Financial institutions will begin to establish how to earn revenue from these noncard payments. They will also begin to build loyalty and reward programs around them.
Technology Deployed
Mobility, Biometric Authentication, IoT, Commerce, platforms
Use Case Summary
Banks will offer a new range of merchant payment/acquiring services that focus on noncard, alternative payments.