by Omar Green
With buzzwords like “NFC” and “mobile wallet” thrown about in the press ad nauseam, consumers and the mobile and financial industries are looking for who will emerge the winner in the effort to control mobile money – and there’s a great deal of money to be had if it’s done right. But as often as the mobile wallet is lauded for its convenience, it’s derided as “a solution in search of a problem.” Ultimately, in order to meet the real needs of consumers, wallet-makers need to stop focusing solely on the technologies of mobile payments, and actually look at what will drive usage: a mobile solution that is actually worth having. This doesn’t yet exist, but it could, if application developers create tools that actually change the way merchants and consumers feel, think, spend and save money. We will discuss what the true opportunity is for the mobile wallet and the elements that need to be included to move beyond technologies like NFC, to delivering the customer benefit to end users.
Our wallets are one of the last remaining bastions of a pre-digital lifestyle, relics of an era of payment that has since come and gone.
Coupons are now Groupons, rewards cards are digitally stored on our smartphones and Square wants to power all our payments. With all these new ways to slim down and streamline our wallets, why are we still getting a paper receipt every time we check out at the grocery store? With so much progress, why are men still sporting the infamous Costanza bulge and women toting around pocketbooks that look like small filing cabinets? As more commerce shifts from offline to online, and even offline retailers are experimenting with digital marketing & transactions, the Costanza wallet is due for a makeover.
What are the brands and startups that are changing how we think about receipts? What will the implications of Big Data and privacy be in this transition? And what systems will ultimately come to define how we all chronicle our shopping experiences moving forward?
Our wallets have been ceding themselves over to the digital age for quite some time now. It’s about time we took that final leap and made the upgrade to Wallet 2.0.
by Sam Shrauger
These days everyone is talking about the mobile wallet and how consumers will be able to pay with phones. Some technology companies are pushing mobile wallets, claiming they have the next breakthrough for future payments.
But why are people going to choose to tap and go with their phones rather than swipe their credit cards? And what benefits does the mobile wallet give to retailers?
People don’t want a digital version of their existing wallet. That's too limiting. They want to get back control of their money and be given the flexibility to shop and pay – anytime, anywhere and in any way that they choose.
You may wonder what new solutions are being provided to consumers and how they will be changing how we pay…At the end of 2011, PayPal will release new payments solution that will change the way we shop and the way we pay. Like no experience you have had before, imagine a technology that puts choice, flexibility and control in customers’ hands. PayPal will show you the latest in the industry and speak to a future you didn’t know would be here so soon.
More than $3,500 transacts over the PayPal network every second. As the leader in digital payments, PayPal predicts that we will be able to live our lives digitally by 2015 – choose this session to find out how.
As the smartphone evolves into a mobile commerce device, is the traditional wallet becoming an endangered species? What exactly is this elusive digital wallet and what can it do that a leather wallet can’t? Imagine a wallet that gives you real-time status of all your money and bills, before you make that next purchase. A wallet that holds offers personalized for you – no more clipping coupons or forgetting to redeem a deal. This session will look at the vision for – and reality of –digital wallets. Beyond waving your smartphone at the register, a digital wallet makes you smarter about your finances, gives you tailored offers and remote control over all your accounts.WSJ All Things Digital eMoney Columnist Tricia Duryee will moderate a panel bringing together the perspectives from three companies at the heart of the wallet of the future — Pageonce, Visa and PayPal. Get a 360-degree perspective on what tomorrow’s wallet will bring.
9th–13th March 2012